Mphasis, iMeta partner to build next gen KYC solution

By Robin Amlot

Cloud services provider Mphasis has partnered with iMeta Technologies Ltd to deliver a new solution for onboarding and KYC. The partnership offering will focus primarily on the UK and Europe.

UK-based iMeta Technologies is a provider of client lifecycle management solutions, enabling accelerated, compliant customer journeys – from onboarding to offboarding. iMeta specialises in mastering data, automating processes and regulatory compliance. Mphasis has a track record of working with global banks and financial institutions on their customer and digital journeys. Mphasis brings AI/ML and operations capabilities in KYC and iMeta brings a disruptive platform. This collaboration aims to contribute to developing a one-stop solution that addresses all issues of the onboarding process.

The solution covers the whole KYC lifecycle: from the collection of information through a Customer Identification Program (CIP), to risk assessment – 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.

“Streamlining customer onboarding is essential for financial services institutions worldwide who are now looking at a tech-based approach to manage it efficiently. We at Mphasis strive to enable enterprises to accelerate their digital transformation journey. 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,” said Anurag Bhatia, Head of Europe, Mphasis.

Ben Marsh, CEO, iMeta said: “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 cleverly automates data and regulatory compliance, cuts onboarding times, increases operational efficiency and enables organisations to deliver a rapid, first-class customer experience. We really look forward to collaborating with the Mphasis team to provide the European financial community with an innovative solution to accelerate their client onboarding.”

Mphasis recently signed a multi-year deal with Royal Bank of Scotland plc (RBS) to deliver advanced transformation to testing services through its Testing Centre for Excellence (TCoE).