The Bank of New York Selects Pegasystems' INVESTIGATIONS Software for Payments

CAMBRIDGE, Mass., Oct. 1, 2002 — Pegasystems Inc. (NASDAQ: PEGA), a leader in rules-driven business process management, today announced that The Bank of New York has signed an agreement to deploy PegaINTEGRATED INVESTIGATIONS for Payments to automate investigation and customer inquiry management activities within the bank's funds transfer and foreign exchange operations. To date, six of the top 10 global banks have implemented Pegasystems' investigations software(a), and more than 50,000 wire-transfer investigations are handled by the company's applications every day around the world.

"We are thrilled to have such a prestigious organization as The Bank of New York select our technology," said David Wells, vice president, Financial Services and Emerging Markets, Pegasystems. "By automating the investigation and customer inquiry management activities for the Bank's funds transfer and foreign exchange operations, we are confident we can help maximize efficiency and productivity, minimize duplication of efforts and data and help the bank enhance its overall customer service."

PegaINTEGRATED INVESTIGATIONS for Payments is a comprehensive solution for funds transfer operations (foreign or domestic) that automates investigations and exception processing. It can help banks provide improved customer service, while supporting the special handling requirements of key customers, including helping to reduce servicing timeframes, financial risk and unit cost.

In addition to helping to increase operational efficiencies and helping to reduce costs, PegaINTEGRATED INVESTIGATIONS for Payments integrates with an institution's front- and back-office applications. Built on Pegasystems' rules-driven process automation technology, the software can be modified so that both the solution and the organization remain current with the increasing rate of change in the global payments industry. Additionally, the solution's scalability allows it to be used either as a departmental package or as the first step toward a complete enterprise-wide service backbone.

About The Bank of New York

The Bank of New York, founded in 1784 by Alexander Hamilton, is the nation's oldest bank and is the principal subsidiary of The Bank of New York Company, Inc. (NYSE: BK), a financial holding company. With over $80 billion in total assets as of June 30, 2002, the Company provides a complete range of banking and other financial services to corporations and individuals worldwide through its basic businesses, namely, Securities Servicing and Global Payment Services, Corporate Banking, BNY Asset Management and Private Client Services, Retail Banking and Global Market Services. Additional information on the Company is available at

Forward-Looking Statements

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 acceptance 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 June 30, 2002 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.

NOTE: Pegasystems is a registered trademark of Pegasystems Inc. Other product and company names may be trademarks of their respective owners.

About Pegasystems

Pegasystems (NASDAQ: PEGA) develops strategic applications for marketing, sales, service, and operations. Pega’s applications streamline critical business operations, connect enterprises to their customers seamlessly in real-time across channels, and adapt to meet rapidly changing requirements. Pega’s Global 3000 customers include many of the world’s most sophisticated and successful enterprises. Pega’s applications, available in the cloud or on-premises, are built on its unified Pega 7 platform, which uses visual tools to easily extend and change applications to meet clients’ strategic business needs. Pega’s clients report that Pega gives them the fastest time to value, extremely rapid deployment, efficient re-use, and global scale. For more information, please visit us at

All trademarks are the property of their respective owners.

The information contained in this press release is not a commitment, promise, or legal obligation to deliver any material, code or functionality. The development, release and timing of any features or functionality described remains at the sole discretion of Pegasystems, Pegasystems specifically disclaims any liability with respect to this information.


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