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
Mphasis (BSE: 526299; NSE: MPHASIS), an Information Technology (IT) solutions provider specialising 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 organisations. Working together to deliver a new advanced solution for the onboarding / KYC industry, the partnership offering will focus primarily on UK and Europe region.
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 organisations 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.
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 specialises 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.
“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 organisations, 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 organisations 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.”
About Mphasis
Mphasis (BSE: 526299; NSE: MPHASIS), applies next-generation technology to help enterprises transform businesses globally. Customer centricity is foundational to Mphasis and is reflected in Mphasis’ Front2Back™ Transformation approach. Front2Back™ uses the exponential power of cloud and cognitive to provide hyper-personalized (C=X2C2 TM=1) digital experiences to clients and their end customers. Mphasis’ Service Transformation approach helps ‘shrink the core’ through the application of digital technologies across legacy environments within an enterprise, enabling businesses to stay ahead in a changing world. Mphasis’ core reference architectures and tools, speed and innovation with domain expertise and specialization are key to building strong relationships with marquee clients.
About iMeta Technologies
Delivering successful projects for over 20 years, iMeta is a trusted provider of client lifecycle management solutions; providing accelerated, compliant customer journeys for global, regulated institutions and specialising in mastering data, automating processes and regulatory compliance. iMeta helps firms to rapidly onboard customers, manage their KYC and AML, streamline their processes, and optimize their business opportunities. By fully automating and managing the complex regulatory and operational data required to transact with their customers, iMeta delivers a central, up-to-date, single view of client and entity data across the organisation and enables firms to give their customers a fast and positive experience from day one. For more information, please visit the iMeta homepage.
London, August 18, 2020