Pegasystems Launches Two New Frameworks for Financial Institutions
CAMBRIDGE, Mass. and LONDON, Jan. 26, 2006 — Pegasystems Inc. (Nasdaq: PEGA), the leader in smart business process management (BPM), today announced the launch of two solutions for the wholesale banking market. The Wholesale Banking Industry Framework allows financial institutions to rapidly develop flexible banking applications built on Pegasystems' SmartBPM™ Suite. Financial services institutions (FSIs) can improve time to market, drive BPM best practices and enhance their agility using the framework. Pegasystems also launched a new version of Smart Investigate for Payments™. The enhanced solution improves banks' exceptions-related customer service while increasing operational efficiency.
Pegasystems' Wholesale Banking Industry Framework dramatically improves the ease and speed with which financial institutions can begin applying Business Process Management for growth, productivity and compliance needs. Banks currently face challenges in streamlining operations while differentiating their services and ensuring regulatory compliance. In response, the Wholesale Banking Industry Framework helps banks achieve flexibility, transparency and control throughout the enterprise.
The banking industry is increasingly recognizing the value of Pegasystems' BPM technology — Pegasystems customers currently include seven of the top ten global banks. As noted in a recent TowerGroup report1, "By coupling business process management with integrated architectures that build on enterprise data management, FSIs can simplify and automate workflows, thus enabling a faster and more effective response to customer queries, emerging customer needs, changing business requirements, and a fast-moving regulatory landscape." Pegasystems uniquely offers deep banking capabilities built on a unified process and rules technology.
The Wholesale Banking Industry Framework provides pre-built functionality to accelerate the development of banking applications. Included in the release are: extensive SWIFT messaging capabilities; solution design models including organizational units, work parties, user portals and screens and integration points; best-practice process flows and pre-configured data structures. By applying the pre-built foundational elements of the Industry Framework and Pegasystems' leading SmartBPM Suite, financial institutions can rapidly build solutions such as compliance management, operational risk management, customer case management, and sales force management. The flexibility offered by Pegasystems' rules-driven BPM platform helps banks obtain agile solutions that deliver sustainable competitive advantage.
Smart Investigate for Payments, which complies with SWIFT standards, enables business processes to adapt as organizational needs, market opportunities and industry regulations change. This latest release, which includes improved productivity and consistent exception handling through bulk case processing, also ensures better customer service and trend identification with a "related case" feature that helps operators understand how similar problems for the same customer were previously resolved. The personal dashboard provides users with real-time graphical reports and proactive alerts for better management control and early identification of trends, problems and bottlenecks. Currently, Smart Investigate supports 60% of the global investigations market and resolves up to $1 trillion in daily payment investigations.
"Pegasystems' rules-driven financial service solutions deliver the agility required in today's dynamic business environment," said Andy Elliott, director of product management, Pegasystems. "Our customers are some of the largest institutions in the world, and they pride themselves on delivering top-notch customer service to their clients. By offering superior automation capabilities on a highly flexible platform, we can quickly enhance organizations' processes across the enterprise."
1Riding Enterprise Technologies for Risk and Compliance: New Opportunities for Customer Value, by V. Garcia, July 2005.
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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