Blockchain Innovation Kit For Customer Onboarding Released By Pegasystemsbr>
Software company Pegasystems has released a blockchain innovation kit to demonstrate the use of the technology within company’s onboarding applications.
Based in Cambridge, Massachusetts, Pegasystems develops software for customer relationship management (CRM), digital process automation and business process management (BPM). It specializes in the following industries: financial services, life sciences, healthcare, manufacturing, insurance, government, high tech, communications and media, energy, and utilities.
The new blockchain 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. Pega’s CLM and KYC applications give 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.
“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,” the company said. “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.”
The blockchain kit will allow 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. It also comes with a predefined smart contract that governs how clients can read from and write to the blockchain.
Alan Trefler, founder and CEO, Pegasystems, said that 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.
“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,” Trefler said.