The new partnership aims to disrupt the ‘Know Your Customer’ market, by using AI capabilities to build an advanced onboarding solution for financial institutions, particularly in Europe
LONDON: Mphasis (BSE: 526299; NSE: MPHASIS), an Information Technology (IT) solutions provider specializing in cloud and cognitive services, today announced its strategic partnership with UK-based software company iMeta Technologies Ltd, a leading provider of onboarding, client lifecycle and master data management software and services for global, regulated organizations. Working together to deliver a new advanced solution for the onboarding / KYC industry, the partnership offers will focus primarily on the UK and European regions.
Financial Services Institutions (FSIs) have a growing legal and social responsibility to prevent money laundering and other forms of financial crime. Businesses are now expected to provide increased levels and variants of information to ensure compliance is met, and the need for good client data management is even greater for organizations with multiple banking relationships. To mitigate these risks, the FSI industry is turning to KYC (Know Your Customer) solutions to help them streamline their customer onboarding.
“Streamlining customer onboarding is essential for financial services institutions worldwide who are now looking at a tech-based approach to manage it efficiently. We at Mphasis strive to enable enterprises to accelerate their digital transformation journey. Combining our digital and AI transformation capabilities for the banking industry with iMeta’s expertise in delivering solutions to the global financial services industry, we are confident that we can offer our customers a unique and disruptive KYC solution,” said Anurag Bhatia, Head of Europe, Mphasis.
Ben Marsh, CEO, iMeta commented, “Having worked for many years with financial organizations, we have seen similar problems they face around inadequate data management and processes. Through this experience, we developed a proven software solution that cleverly automates data and regulatory compliance, cuts onboarding times, increases operational efficiency, and enables organizations to deliver a rapid, first-class customer experience. We really look forward to collaborating with the Mphasis team to provide the European financial community with an innovative solution to accelerate their client onboarding.”
iMeta Technologies is a trusted provider of client lifecycle management solutions, enabling accelerated, compliant customer journeys – from onboarding to offboarding and everything in between. iMeta specializes in mastering data, automating processes, and regulatory compliance. Mphasis has a long track record of working with global banks and financial institutions on their customer and digital journeys. Mphasis brings AI/ML and operations capabilities in KYC and iMeta brings a disruptive and solid platform, thus re-defining the onboarding / KYC landscape. This collaboration contributes to developing a one-stop solution that addresses all issues of the onboarding process.
The solution covers the whole KYC lifecycle: from the collection of information through a Customer Identification Program (CIP), to risk assessment – known as Customer Due Diligence (CDD), through to the final steps where Enhanced Due Diligence (EDD) is initiated and contract terms are modified according to the risk.
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