Pegasystems Announces PegaPAYMENT Smart Adjust 3.1 to Manage and Automate Payment-Research and -Adjustment Processes

CAMBRIDGE, Mass., Oct. 7, 2003 — Pegasystems Inc. (NASDAQ: PEGA), a leader in rules-based, smart business process management (BPM) software, today announced the general availability of PegaPAYMENT Smart Adjust 3.1, a rules-based, image-enabled solution that provides integrated research and adjustment capabilities across multiple payment types. With a comprehensive set of pre-packaged business processes that automate nearly all error types, Smart Adjust enables financial services organizations to increase their productivity and bridge operational silos.


Integrated with an extensible transaction and records database, Smart Adjust is a comprehensive solution for handling payment forms including check, ACH, ATM, and PIN-based debit. Smart Adjust manages processes of inquiry, research and adjustments for all payment types, providing a solution that can span departments and significantly improve productivity across payment operations.


Built on Pegasystems' sophisticated rules engine, Smart Adjust can increase the number of cases that are processed straight through because the rules engine automates research and decision-making, enabling the operator to complete cases with as little manual entry as possible. Because documents and images are stored electronically with each case, a paperless environment can be created and maintained. Best business practices are embedded throughout application flows, and the flexibility of the rules engine allows business users to quickly and easily change the workflows without IT involvement, enabling organizations to expand and extend their system and adapt to changing business conditions.


PegaPAYMENT Smart Adjust is an evolution of technology that has helped top-tier banks achieve proven results for the past 20 years, helping them to significantly reduce write-offs and debit suspense levels through better control and more efficient processing, resulting in a rapid return on investment. Developed in Java with a Web browser interface, Smart Adjust is designed for easy deployment, access by multiple departments and rapid service fulfillment for branches, contact centers and corporate customers. The result is an enterprise-wide platform that leverages IT investments, brings fulfillment of customer service issues to the point of contact and allows for ongoing change. The user interface and functionality can be tailored to, and embedded in, existing browser-based applications, providing specific capabilities to individuals throughout the extended organization. Smart Adjust equally provides management visibility and control for role-based authorization, review, and reporting.


"Organizations need to prepare for the imminent passage of Check 21 while managing the growth of electronic payments," said Henry Ancona, president and COO, Pegasystems. "PegaPAYMENT Smart Adjust is fully image-enabled and extends from the customer service center to the back office for streamlined enterprise research and adjustments across payment types. With Smart Adjust, organizations can significantly increase their productivity across traditional operations silos and help provide more rapid issue resolution for customers."


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 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, 2003 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.

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 www.pega.com.

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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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Pegasystems Inc.
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