Pegasystems, the software company empowering customer engagement at the world’s leading enterprises, announced the availability of Pega Blockchain Innovation Kit to demonstrate the use of blockchain within Pega’s onboarding applications.
The kit provides a Proof of Concept template for banks to test how Pega Know Your Customer (KYC) and Pega Client Lifecycle Management (CLM) can use Ethereum blockchain within the overall orchestration of their onboarding processes.
Among the many blockchain use cases in software labs today, CLM and KYC provide one of the most pragmatic scenarios to realize blockchain’s benefits, such as increased security, collaboration, and cost savings.
Banks spend billions of dollars managing due diligence compliance on new and existing customers against evolving KYC regulations designed to curb regulatory risk, terrorist financing, and money laundering. Blockchain can help financial institutions share this burden and eliminate duplicate efforts by vetting customers in a shared distributed ledger. Maybe.
“As the breathless hype around blockchain continues to escalate, many organizations are jumping on the bandwagon without first knowing what real business problems they want it to help solve,” said Alan Trefler, founder and CEO, Pegasystems.
“Pega has decades of leadership in digital process automation, putting us in a prime position to identify the best enterprise use cases for blockchain that will drive real results. Our blockchain innovation kit will help our clients explore blockchain as a new piece to their digital strategy, as well as understand the critical role Pega can play in unlocking its value.”
This allows clients to see how Pega can contribute KYC and CLM data sets to Ethereum and receive verified data blocks back into their Pega-driven processes. The kit comes with a predefined Smart Contract that governs how clients can read from and write to the blockchain.
In the future, banks may collaborate on blockchain with shared access to the most up-to-date customer KYC records while jointly verifying any changes to the data over time.
With advanced cryptography, data immutability, and transparency, blockchain reassures banks that the records are secure, consistent, and accurate, even in an open environment used by competitors. A permissioned blockchain would give member institutions control over who ultimately can access the blockchain network and give their clients control over which institutions can access their data.
By bringing blockchain together with Digital Process Automation, Pega will enable organizations to realize blockchain’s true potential by augmenting the power of distributed ledger and smart contract capabilities.
This provides an effective way to extend their enterprise applications beyond traditional boundaries and into the distributed ecosystem that blockchain enables.
Named the leader in CLM and KYC applications by analyst firm Chartis, Pega CLM and Pega KYC provide large complex financial institutions with predefined industry best practices, global coverage of KYC regulatory rules, and out-of-the-box functionality for onboarding and KYC.
Pega is the only vendor that provides cross line-of-business (institutional, wealth to consumer) and globally scalable CLM and KYC applications with inherent digital process automation, KYC rules, processes, case management, AI, and robotics.
These applications can be deployed at the world’s largest institutions in as little as three months to speed time to revenue and ensure compliance.