Capco and Systar have joined forces to provide financial institutions with real-time and intraday monitoring environments that will sit on top of Capco’s client lifecycle management (CLM) solution. Users will have access to real-time data to monitor their CLM processes.
Says Nick Jackson, partner at Capco: “We already have a managed service offering to which clients can outsource the cleansing and deployment of their client data, and this service is an extension of our knowledge to bring clients an out-of-the box, end-to-end client data management solution.” He adds that Capco is also looking to work with other product vendors to develop its CLM offering – including reconciliation and BPM vendors. “Ultimately, we want to be able to integrate data quality, data analytics and client on-boarding services as a subscription-based hosted solution.”
Capco considers Systar the current business activity monitoring (BAM) leader, Jackson adds. “We have previously been in competition in this market space (in partnership with other BAM vendors) but we assessed them to be a key partner when it came to developing a more in-depth product offering. We wanted to accelerate best practice with a standardised product which can be deployed rapidly.”
Initially, the vendors are targeting the joint offering at institutional banks and the private wealth sector. Capco says using manual processes client on-boarding can take between 25 and 30 days; using the CLM solution this can be reduced to less than one business day, it claims.
Integrating this solution with Systar’s BAM platform means customers can monitor, measure and predict progress, performance and risk from the viewpoint of corporate or sales management, risk, operations and technology groups.
Says Jackson: “One of key drivers for partnering with Systar for this offering was the significant growth in regulations over the past year or two which require more comprehensive documentation management, extended know your client (KYC) requirements and protection against money laundering.”