Mphasis partners with iMeta Technologies to build next-gen AI-powered KYC solution

Mphasis has now partnered with the UK firm iMeta Technologies to develop an Artificial Intelligence-based KYC solution for the financial institutions in the Europe and UK Markets.

iMeta Technologies provides with master data management software and solutions for regulated and global organizations, and with customer lifecycle management solutions.

Anurag Bhatia, Head of Europe, Mphasis, said, "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".

Ben Marsh, CEO, iMeta, said, "Having worked for many years with financial organizations, 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 organizations 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."

The partnership will help iMeta in automating processes and regulatory compliance skills, with the Mphasis' Artificial Intelligence (AI) and Machine Learning (ML) capabilities in KYC. Both will develop a solution to solve issues with the onboarding process with KYC.

The solution will cover the entire KYC lifecycle – from information collected via a customer identification program and risk assessment or Customer Due Diligence (CDD) to the finalization of contract terms.

The partnership will also help the financial services institutions to offer increased levels of security and meet higher compliance protocols, with good customer data management solutions.