Pegasystems Announces PegaCHECK R&A and PegaIMAGE Manager Products for Check Research and Adjustments
CAMBRIDGE, Mass., Dec 12, 2001 — New Software Enables Banks to Deploy Automated Solutions to Help Improve Operational Efficiency, Customer Satisfaction, Retention, and to Help Reduce Banks' Financial Risk
Pegasystems Inc. (NASDAQ: PEGA) today announced PegaCHECK R&A and PegaIMAGE Manager, two new products for Check Research and Adjustments designed to help improve operational throughput, and to help reduce debit suspense account levels and write-offs for banks' Research and Adjustments areas. Pegasystems' banking solutions have been implemented at nine out of the top twelve North American banks.
Pegasystems' software includes patented rules technology that allows business users to implement strategic and operational directives in response to changing market and business needs, while the process automation function actually performs tasks without manual intervention. As a result of the streamlined, and in many instances, Straight Through Processing (STP), organizations will have the capabilities to help improve the productivity of their check Research and Adjustments areas. In addition, financial service organizations using Pegasystems' software will have increased opportunity to help improve revenue growth through improved customer satisfaction and retention.
PegaCHECK R&A and PegaIMAGE Manager represent the next generation of solutions for bank Check Research and Adjustments areas. PegaCHECK R&A is based on a pre-packaged configuration of the PegaCRM technology specifically designed to meet the needs of Check Research and Adjustments areas. Check R&A includes automated workflows that help minimize the user interactions historically required to resolve most check investigations such as "Listed Not Enclosed," "Encoding Error," and "Credit Posted as Debit." Additional features include complete multi-state/multi-bank suspense accounting; fully automatic check "all-items" research; and automated, integrated interfaces to systems such as Fedline, Reconciliation, DDA, GL, Customer Information Files, and Bank Routing and Transit Number Files.
PegaIMAGE Manager is a new product designed to automatically request, retrieve, manage, folder, and distribute check and other images whether from Image Archives, from image capable reader/printers, or both.
Based on Pegasystems' in depth experience in the area of microfilm retrieval workflow, PegaIMAGE Manager supports the needs of Check Research and Adjustment areas in three important ways. First, PegaIMAGE Manager automates the difficult, complex and time-consuming tasks associated with researching, routing, managing, foldering and billing for photo requests. Pegasystems estimates that these tasks may account for at least one-third of the overall cost of retrieving photocopies, even from image archives. Second, PegaIMAGE Manager helps banks implementing Check Imaging make a smooth transition from microfilm to image, helping to enable higher productivity, enhanced customer service, and helping to minimize operational disruption. Third, PegaIMAGE Manager retains images requested by Check Adjustments or other internal departments as part of an "electronic folder," to help resolve quickly and cost-effectively customer or correspondent bank inquiries, even if the inquiries have been closed for some time.
Both products integrate with Pegasystems' existing Retail Banking software that automate customer service and fulfillment for Retail Bank contact centers. The new products also include interfaces to other installed call center and ecommerce solutions from other vendors to help drive end-to-end automation for bank customers, regardless of contact channel. Both products also operate in a "thin-client" architecture, and support customer self-service over the Web.
"As one of the leading providers of banking software solutions, we are eager to take advantage of new opportunities in this market," said Joseph Friscia, executive vice president of Sales and Service, Pegasystems. "In addition to providing enhanced business process automation in Check, our solutions will help enable our new and existing customers to help drive down costs and help increase revenues across their product lines."
Pegasystems also announced today that it has formalized its alliance with Accenture, a leading management and technology consulting organization. Under the alliance Pegasystems and Accenture intend to participate in joint business development activities, pursue sales and marketing opportunities as well as explore possibilities for other joint product offerings for financial services organizations in North America and Canada. The two companies have already been working together at large financial services companies over the course of the past year.
"With Pegasystems, we can offer our customers an opportunity to integrate multiple channels of communication, personalize customer experiences, and help enhance an organization's ability to respond to customer-related service requests across multiple lines of business," said Richard Winston, partner, Financial Services, Accenture. "Our decision to choose Pegasystems as a preferred provider for rules-driven process automation for financial services organizations in North America and Canada was based on its market leadership, combined with the company's 18 years of expertise, as well as our positive experience of working together over the past year."
Pegasystems applications are expected to be installed in Accenture's Ideas Exchange, in addition to certain Solutions Centers, allowing Accenture to hold product demonstrations as well as to help accelerate implementation.
PegaCHECK R&A and PegaIMAGE Manager will be demonstrated in Pegasystems' Booth #4921 at the BAI Retail Delivery Conference and Expo, December 12–14, 2001 in Anaheim, CA.
Certain statements contained in this press release may be construed as "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "hope," "anticipate," "plan," and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. The company does not undertake and specifically disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These statements are based on current expectations and assumptions and involve various risks and uncertainties, which could cause the Company's actual results to differ from those expressed in such forward-looking statements. These risks and uncertainties include impact of pending regulatory proceedings, difficulty in predicting the completion of product implementations and consequently the timing of revenue recognition, the inability to attract and retain key employees, reliance on key third-party relationships, management of the Company's growth, and other risks and uncertainties. Further information regarding these and other factors which could cause the Company's actual results to differ materially from any forward-looking statements contained in this press release is contained in the Company's Quarterly Report on Form 10Q for the quarter ended September 30, 2001 on file with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on such forward-looking statements and there are no assurances that the matters contained in such statements will be achieved.