Pegasystems Enables Banks to Accomplish Faster Resolution of Disputes, Claims and Chargebacks

Upgraded Smart Dispute for Issuers helps drive greater productivity, operational efficiency and regulatory compliance

CAMBRIDGE, Mass. – Jan. 22, 2014 – Pegasystems Inc. (NASDAQ: PEGA), the leader in Business Process Management (BPM), and a leading provider of Customer Relationship Management (CRM) solutions, today announced the latest version of its industry-leading Smart Dispute for Issuers solution.  The expanded capabilities of Smart Dispute consolidate most consumer payment disputes and fraud claims under one, unified solution with added coverage for ACH, ATM and PIN transactions plus comprehensive service level agreement  monitoring and automation for Regulation E. This solution enables banks to better comply not only with existing known regulations, but also facilitates easy adoption of new regulations all while enhancing the experience of valued customers. Additionally, parent-child subcase management and processing capabilities have been increased to help banks better address escalating instances of fraud and multi-transaction claims.

Smart Dispute for Issuers, powered by Pegasystems’ Build for Change® platform, helps banks “future-proof” their technology investments and break down operational silos by using Pegasystems’ industry leading Business Process Management (BPM) and Dynamic Case Management (DCM) engine. The solution enables increased business agility to help automate timely resolution of disputes, claims and chargebacks. By improving straight-through-processing rates for basic disputes, organizations can focus resource efforts towards priority cases.

Pega’s Smart Dispute for Issuers enables organizations to:

  • Increase Operational Efficiency – Process automation and systems integration minimize manual work and routine tasks to enable up to 40 percent greater operational efficiencies.
  • Improve Regulatory Compliance –  Automated Service Level Agreements, correspondences, accounting and process management helps eliminate inadvertent errors introduced by human processing to comply with Consumer Financial Protection Bureau (CFPB) Regulations E and Z.
  • Decrease Network Compliance Costs – Semi-annual compliance subscriptions help cut costs required to modify reason codes, forms, timeliness, and documentation requirements.
  • Enhance Customer Experience – Work prioritized on customer criteria along with faster resolution increases customer satisfaction.
  • Reduce Staff On-boarding and Training - Intent-led user interfaces guide staff through appropriate processing procedures.

Quotes & Commentary:

“Banks are already facing significant market changes and stiff competition to provide superior customer experiences. They must also simultaneously comply with new and fast-changing regulations, such as by the Consumer Financial Protection Bureau,” said Scott Andrick, Industry Principal, Banking for Pegasystems. “If banks aren’t able to quickly and properly resolve disputes, claims and chargebacks in this challenging climate, they not only risk losing their focus on customer service, but they can also experience losses or fines. Pega’s software helps banks better engage with their customers, simplify the complexity of compliance, and rapidly adapt to change.”

Supporting Resources:

For more information on Pega’s Smart Dispute for Issuers solution, visit: https://www.pega.com/solutions/by-industry/financial-services/dispute-and-chargeback-resolution

For more information Pega’s financial services solutions, visit:  https://www.pega.com/solutions/by-industry/financial-services

To read more about customer successes in financial services, visit: https://www.pega.com/about-us/company/customers.

 

 

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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Lisa Pintchman Rogers
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+1 617-866-6022

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+1 617-528-5230

Ilena Ryan
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Europe:
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Jon Brigden
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Pegasystems Inc.
One Rogers St.
Cambridge, MA 02142
U.S.A.
Phone +1 617-374-9600
Fax +1 617-374-9620