Lysis, a leader in business change management services and a provider of innovative KYC services through Lysis Operations, and iMeta, a provider of Client Lifecycle Management software, joined forces to create a comprehensive Client Lifecycle Managed Service designed specifically for the financial services sector. The joint offering streamlines the on-boarding, CLM and KYC processes, and will benefit firms who are looking to significantly improve efficiency and reduce the cost of their overall regulatory operational KYC processing and reporting obligations without having to incur the high capital investment typically associated with on-premise CLM and KYC solutions.
The credit card company had faced the challenge of having previously unsuccessfully outsourced the CLM & KYC operations; however, since Lysis Operations has been managing these requirements from their City of London Operations Centre, underpinned by the iMeta platform, they have been able to streamline the on-boarding of new customers, as well as making the KYC refresh process more efficient. Lysis have also implemented a Sanctions, PEP and Adverse Media screening and ongoing monitoring service, which enables the client to conform to regulatory requirements, as well as protecting the firm from financial crime and reputational harm.
Tom Griffiths, Associate Director of the Lysis group of companies, said: “We are delighted to establish this new relationship, and to add to the growing portfolio of CLM & KYC Managed Services, in partnership with iMeta Technologies.”
The service includes a thorough ‘health check’ review of any existing KYC & AML policies and operational frameworks, and is underpinned by the proven, end-to-end Client Lifecycle and Master Data Management platform, provided by iMeta. This unique approach enables users to confidently and efficiently manage all their current, and future, data and operational processes, and to have complete oversight, and control, of their regulatory commitments.
Drawing on Lysis’s in-depth client on-boarding and KYC expertise, combined with iMeta’s industry leading CLM technology, the service delivers a streamlined and cost effective solution. It eliminates the need to secure scarce and expensive skills, by providing the appropriate expertise and capacity to deliver these complex processes which are tailored to meet clients’ specific needs. The Lysis CLM and KYC Managed Service provides expert analyst and management personal who are agile to specific needs and volumes and replaces the need for full time employees (FTEs). The managed service is a one-stop solution and is available immediately. Lysis Financial will be responsible for all sales and marketing activities and will also provide front line support for users.
Lysis is also delighted to have won, together with iMeta, an award for its Managed Service, at the RegTech Awards in New York City on the evening of 16th November. The award, for “Best Alliance Between Providers to Address Regulatory Compliance” was presented to Jon Sweet, CEO of the Lysis group of companies, and Ben March, CEO of iMeta, at a prestigious ceremony in New York City yesterday evening.
CEO of Lysis, Jon Sweet, commented “Winning this prestigious award, and the gaining of this important client are both significant steps in the success story of this innovative Managed Service. We have been demonstrating the Managed Service to major financial services firms in our Innovations Lab at our London headquarters, and looking forward to assisting more of these firms in the coming months and years.”
Ben Marsh, CEO of iMeta, said “We are delighted to have won this award. This comprehensive Managed Service for client lifecycle management is a first in the marketplace; providing a unique partnership between Lysis, subject matter experts for client on-boarding and KYC, and iMeta’s Innovative CLM technology. – managing the critical business functions required and providing a future-proofed solution for regulatory compliance.”
To further explore the regulatory market, tackle the issues and analyse how this managed service can deliver significant benefits to a range of financial institutions, Lysis and iMeta have produced a detailed strategy paper, ‘Effective Client Onboarding and Client Lifecycle Management – The stakes just got higher’. To receive a copy of the paper Email to register interest.