Pegasystems has launched the Pega Blockchain Innovation Kit to enable banks to test Ethereum for its onboarding applications.
The software company, which empowers customer engagement at the world’s leading enterprises, said the kit provides a proof of concept (POC) 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.
Banks are currently spending 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. Pega claims that blockchain can help financial institutions share this burden and eliminate duplicate efforts by vetting customers in a shared distributed ledger.
The Innovation Kit enables Pega clients to integrate their Pega onboarding software and Ethereum. 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.
By bringing blockchain together with digital process automation (DPA), Pega wants to enable organisations to realise blockchain’s ‘true potential’ by augmenting the power of distributed ledger and smart contract capabilities. 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.
“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.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
