NominoData LLC and Pegasystems Announce a Partnership for Seamless Delivery of Due Diligence and Know Your Customer Data and Technology
Incline Village, NV, September 26, 2016 –(PR.com)– NominoData LLC, a leading data solutions company, has announced a technology partnership with Pegasystems Inc., the software company empowering the world’s leading enterprises with strategic applications for customer engagement. The partnership will help financial institutions further meet complex Know Your Customer and Customer Due Diligence regulatory requirements across multiple jurisdictions, lines of business, and products while ensuring faster onboarding.
NominoData’s screening and data capabilities will be integrated with Pega® Client Lifecycle Management (CLM) and Pega® Know Your Customer (KYC) applications, the leading onboarding and compliance applications which are used by many of the world’s leading banks. Pega CLM and Pega KYC provide industry leading multi-product and multi-jurisdictional onboarding to ensure compliance with complex regulatory requirements while streamlining onboarding and time to revenue. Pega CLM and Pega KYC clients will be able to leverage NominoData’s unique negatives news, sanctions, and Politically Exposed Persons (PEP) screening capabilities to meet regulatory mandates. This also gives clients the ability to adapt to and accommodate special circumstances or regulations by geography, line of business, and product.
Pega CLM orchestrates and simplifies all complex CLM processes from front to back office on a global scale in a single unified application. This reduces onboarding time by 70 percent, reduces costs by 60 percent, and dramatically improves the customer experience while speeding time to revenue. Fully integrated with Pega CLM, Pega KYC manages compliance with country and product specific regulations using a dynamic rules engine, global master customer profile, rules management portal, and over 3,500 pre-configured, best practice KYC rules and more than 3,000 pre-built logic rules covering regulations such as AML/CTF, FATCA, CRS, EMIR, MiFID II, and the Dodd Frank Act.
NominoData LLC provides the financial services industry with a unique set of data for screening. Using patented search analytics, NominoData compiles negative news and sanctions data in an efficient dynamic process to provide financial institutions with up-to-date information to meet banking business requirements. This rapid time to live retrieval of information without problematic non-validated profiling protects financial institutions from processing information that is historically incorrect.
“Financial institutions around the world are facing unprecedented challenges to identify and utilize data about individuals and entities. Pega’s integration of negative news and sanctions data provided by NominoData will enhance the Pega CLM and Pega KYC applications by seamlessly providing necessary due diligence information,” said Al Macdonald, founder and CEO of NominoData LLC. He added: “Combining our global information with Pega’s technology gives financial organizations a powerful combination of technology and information for every stage of the KYC process.”
According to Reetu Khosla, senior director of risk, compliance, and onboarding at Pegasystems, “This partnership with NominoData will assist Pega’s financial services customers to further streamline the due diligence processes that have become increasingly costly and time consuming to manage. With rapid access to sanctions, PEP, and negative news screening information, banks can ensure they are minimizing risks while maintaining compliance with ever changing regulations.”
About NominoData LLC
NominoData is a solutions company formed to help clients with worldwide identity, compliance, and risk management issues associated with modern day commerce. Our founders leverage their expertise in risk management, security, search, name/entity recognition, and extraction into innovative and productivity boosting solutions that revolutionize their field. For more information visit www.nominodata.com.