The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Mphasis Partners with iMeta on AI-Driven KYC Model

Share article

Cloud and cognitive specialist Mphasis has launched a brand new strategic partnership with the UK’s iMeta Technologies, a provider of onboarding, client lifecycle and master data management software and services, to deliver a next generation onboarding model for the UK and Europe that aims to disrupt the traditional KYC market through the use of AI.

“Streamlining customer onboarding is essential for financial services institutions worldwide who are now looking at a tech-based approach to manage it efficiently,” stresses Anurag Bhatia, Head of Europe, Mphasis.

iMeta specialises in mastering data, automating processes and regulatory compliance, while Mphasis has a long track record of working with global banks and financial institutions on their customer and digital journeys. Mphasis is therefore set to bring its AI, machine learning and operations capabilities in KYC to the partnership, while iMeta brings a disruptive and solid platform, together aiming to redefining the onboarding/KYC landscape and develop a one-stop solution that addresses all of the current pain points within the onboarding process.

The solution will cover 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.

“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… automates data and regulatory compliance, cuts onboarding times, [and] increases operational efficiency,” comments Ben Marsh, CEO at iMeta.

Related content

WEBINAR

Upcoming Webinar: How to run effective client onboarding and KYC processes

Date: 22 October 2020 Time: 10:00am ET / 3:00pm London / 4:00pm CET Increasing cost, complexity and regulatory change continue to challenge firms implementing client onboarding and Know Your Customer (KYC) systems. With an effective strategy and a clearly defined pathway, it’s possible to gain a valuable competitive advantage whilst meeting those all-important compliance requirements....

BLOG

Global LEI Foundation Aims to Accelerate LEI Adoption by Slashing Prices of the Identifiers to Single Digit Dollars

The Global LEI Foundation (GLEIF) is planning to tear down the cost barrier obstructing widespread adoption of the LEI with the implementation of a validation agent role for banks and financial institutions. Expectations are that frequently contended high prices charged to register an entity for an LEI – by way of example Bloomberg charges $65...

EVENT

RegTech Summit Virtual

The RegTech Summit Virtual which took place in June 2020 was a huge success with over 1,100 delegates registered. We are currently working on our plans for 2021 and we hope to be back with an in-person event. Whatever the future holds you can guarantee our 2021 event will be back with an exceptional guest speaker line up of Regtech practitioners, regulators, start-ups and solution providers to collaborate and discuss innovative and effective approaches for building a better regulatory environment. Can't wait until 2021? make sure you sign up to our RegTech Summit Virtual, November 2020. More info...

GUIDE

Solvency II Data Management Handbook

Want to get a handle on Solvency II and what it means for data management? Need to make sure you have all the bases covered for the looming January 2016 deadline? Our Solvency II Data Management Handbook is now available for free download to help you. This Handbook is the ultimate guide to all things...