Pegasystems Embraces Facial Recognition for KYC, CLM Solutions

Pegasystems has incorporated facial recognition into its Pega Know Your Customer and Pega Client Lifecycle Management solutions, the company has announced.

Pegasystems Embraces Facial Recognition for KYC, CLM SolutionsThe technology comes by way of Spain-based Electronic IDentification, whose identity verification solution leverages the mobile camera of a given smartphone or computer to apply facial recognition technology to a live user, and to match it against photo ID in the user’s possession. As such it’s one of multiple similar platforms that have started to prove popular among a range of clients, but particularly in the financial services sector. It may also reflect the growing excitement over facial recognition since Apple announced it had embraced the technology for user authentication on the iPhone X.

For Pegasystems, the integration of Electronic IDentification’s system into Pega KYC and Pega CLM means it can now offer its financial institution clients the ability to “digitize the entire onboarding process end to end”, and to “legally and securely verify the identity of new customers in just minutes,” according to a statement from the company. And Pegasystems says it has also ensured that its solutions comply with not only the 4th EU Money Laundering Directive but also the proposed 5th EU Money Laundering Directive, which could heighten their appeal in the European market.

Pegasystems is planning to show off its biometrically-enhanced solutions at next week’s Sibos financial innovation conference in Toronto, which runs from October 16th to 19th at the Metro Toronto Convention Centre.

October 11, 2017 – by Alex Perala