Pegasystems Expands Commitment to Card Market; Pegasystems Announces PegaCARD SERVICES, Executes on Focused Strategy for Card Market
CAMBRIDGE, Mass., Jun. 3, 2002 — Pegasystems Inc. (NASDAQ: PEGA), a leading provider of business process automation software, today announced a renewed commitment to the card market with PegaCARD SERVICES, a comprehensive suite of products. PegaCARD SERVICES offers card servicing organizations specific functionality to help them deliver effective customer service while assisting with cost reductions through automating business processes.
PegaCARD SERVICES is built on Pegasystems' proven rules-driven process automation technology, currently implemented at 7 of the top fifteen North American card issuers(1) to automate complex business processes. Barclaycard, a customer since 1990, continues to rely on Pegasystems to automate processes and improve customer satisfaction. "Customer service is a critical business imperative at Barclaycard," said Andrew Key, Head of Financial Exceptions, Barclaycard Merchant Services. "With Pegasystems, we are able to work quickly and efficiently on behalf of our customers as the system drives our business processes — enabling our staff to concentrate on superior service and resulting in measurable return on investment for the organization."
The PegaCARD SERVICES suite of products is an evolution of Pegasystems' financial services template. The product suite includes capabilities for card servicing institutions across the enterprise, including customer service, collections, dispute and chargeback management, credit, fraud, and correspondence management. Leveraging its experience in the card services market, Pegasystems has developed pre-configured rule sets and workflows designed specifically to help meet the needs of card servicing organizations. These best practice workflows automate a sizeable volume of service requests including account and transaction inquiries, change of address requests, credit management and auto-processing of disputes and chargeback queries. In many cases the system enables certain tasks to be processed straight-through by using Pegasystems' rules-based workflow to automatically guide interactions through to completion and fulfillment.
"Workflow and Straight-Through Processing (STP) issues, as well as the critical need to connect front and back ends, present unique challenges in the credit card business," said Theodore Iacobuzio, director of Consumer Credit, TowerGroup. "Pegasystems is a recognized industry leader in presenting just such solutions to large card issuers and acquirers at a crossroads in their growth history."
By integrating front and back-office processes, PegaCARD SERVICES provides a single portal for managing customer requests. Customer service representatives are given a holistic view of a customer's account, eliminating the need for multiple screens and systems, helping to enable organizations to respond quickly, efficiently and accurately to a variety of customer service inquiries.
"Driven by a powerful, highly scalable architecture, PegaCARD SERVICES encompasses Pegasystems' 19 year history of providing the financial services industry with proven solutions," said Joseph Friscia, executive vice president and general manager of Pegasystems' Applications Business. "PegaCARD SERVICES can help card issuing organizations drive down costs and increase revenues. With PegaCARD SERVICES Pegasystems is better positioned to increase its presence in the card industry."
PegaCARD SERVICES may benefit organizations in several ways. Pegasystems' rules-driven process automation and STP can help organizations improve productivity and assist with reducing servicing costs. Business process automation helps minimize manual work efforts because the system actually performs tasks, helping to reduce the need for human intervention. Rules-driven technology empowers business users, not just IT staff, to change the rules that drive application behavior, facilitating rapid response to changing business requirements. The flexible, open architecture of the PegaCARD SERVICES platform facilitates multi-channel customer care across multiple touch points including the contact center, branch, Web, and email. For example, the Web interface extends the contact center capabilities to clients and can provide online, self-service access to account and transaction information, bill payment and service requests.
Pegasystems will be exhibiting and demonstrating the PegaCARD SERVICES suite of products in Booth #210 at the Thomson Financial Service's 14th Annual Card Forum & Expo at the J.W. Marriott Hotel in Washington, DC, June 2nd– 4th, 2002.
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 the 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 March 31, 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.
Pegasystems is a registered trademark of Pegasystems Inc. Other product and company names may be trademarks of their respective owners.
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.
Lisa Pintchman Rogers
VP, Corporate Communications
Director, Corporate Communications
Sr. Manager, Public Relations
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