Pegasystems Achieves Industry's First SWIFTNet Exceptions and Investigations Transmission
CAMBRIDGE, Mass., April 3 — Pegasystems Inc. (Nasdaq: PEGA), the leader in unified process and rules technology, today announced the industry's first successful SWIFTNet Exceptions and Investigations (E&I) transmission through its leading SmartBPM™ solution, Smart Investigate. This accomplishment demonstrates the advantages Business Process Management (BPM) can offer to the wholesale banking market, including substantial improvements in straight-through processing (STP) for investigation handling, concurrent with improved customer service.
Pegasystems' Smart Investigate automates exceptions and investigations related to payments, foreign exchange, trade finance, securities and other products on a single integrated backbone and was awarded a "SWIFTNet Ready" label in 2005 for its handling of SWIFTNet E&I messages related to payments. The first E&I transmission was a "ClaimNonReceipt" message that was sent over the SWIFTNet network between a major Australian financial institution and JPMorgan Chase, where a case was raised and successfully handled in Smart Investigate.
"Launching the pilot phase of SWIFTNet Exception & Investigations moves the industry significantly closer to the full automation so critically needed to provide our clients with the fastest and most accurate information," said Thomas Halpin, US Dollar Clearing Business Executive for JPMorgan Chase. "This initiative will allow the entire industry to improve overall service levels provided to clients and facilitate efficiency gains in our operations."
"SWIFTNet Exceptions and Investigations is going to revolutionize the way investigations are handled. The service will help to drive down operating costs while improving customer service at the same time. We are pleased to announce that the first SWIFTNet E&I messages successfully crossed the network on March 14 to formally launch the pilot phase of the project." said Catherine Banneux, SWIFTNet E&I Product Manager.
Reflecting 20 years of experience serving the world's largest banks, Pegasystems offers superior automation capabilities on a highly flexible BPM platform. This rules-driven solution helps banks achieve even greater STP rates while ensuring compliance with mandatory SWIFT standards. The current pilot runs through September 2006 when the participating banks will begin to operate with live traffic on the production network.
"Smart Investigate was designed to help our customers, the industry's most sophisticated companies, increase investigation STP levels, reduce exception processing labor costs and reduce inquiry response times," said Andy Elliott, Director of Product Management, Pegasystems. "This accomplishment validates our leadership position in delivering large-scale, global solutions. It is a great example of the significant advantage we bring to our customers in helping resolve critical issues and differentiate themselves from their competitors."
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 www.pega.com.
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Lisa Pintchman Rogers
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