Bengaluru headquartered information technology (IT) services firm Mphasis has partnered with UK firm iMeta Technologies to develop an artificial intelligence-based KYC solution for financial institutions in the UK and Europe markets.
The 20-year-old Southampton, Hampshire based firm provides master data management software and services for global and regulated organisations, as well as client lifecycle management solutions.
The partnership will leverage iMeta’s automating processes and regulatory compliance skills, and the AI and machine learning capabilities of Mphasis, to develop the solution, a statement said.
“Combining our digital and AI transformation capabilities for the banking industry, with iMeta’s expertise in delivering solutions to the global financial services industry, we are confident that we can offer our customers a unique and disruptive KYC solution,” Anurag Bhatia, head of Europe region at Mphasis, said.
The solution will cover the entire KYC lifecycle -- from information collection through a customer identification program (CIP) and risk assessment or customer due diligence, to the finalisation of contract terms.
The partnership will also help financial services institutions (FSI) provide increased levels of security and meet higher compliance protocols, with good client data management solutions, the statement said.
“Through this experience, we developed a proven software solution that cleverly automates data and regulatory compliance, cuts onboarding times, increases operational efficiency and enables organisations to deliver a rapid, first-class customer experience,” Ben Marsh, CEO of iMeta, said.