Rabobank Extends PegaINTEGRATED INVESTIGATIONS across National and International Bank Network; Web Connectivity Will Help Reduce Costs and Improve Productivity
CAMBRIDGE, Mass., Sep. 30, 2002 — Pegasystems Inc. (NASDAQ: PEGA), a leader in rules-driven business process management, today announced that Rabobank has extended the use of PegaINTEGRATED INVESTIGATIONS for Payments, part of the PegaINTEGRATED INVESTIGATIONS 3.2 software suite (announced today*), to its national and international branch network, correspondent banks and corporate customers, enabling them to check the status of transactions via the Web. PegaINTEGRATED INVESTIGATIONS for Payments helps improve productivity and streamline business processes across Rabobank's payment operations by automating investigations throughout its entire banking network. Six of the top 10 global banks have implemented Pegasystems' investigations software.(1)
Rabobank first deployed Pegasystems business process management technology in May 2001 at its headquarters in Utrecht, Netherlands, within its central payments investigations department. High satisfaction with the first deployment has led to Rabobank's extension of PegaINTEGRATED INVESTIGATIONS for Payments to its 400-strong branch network across the Netherlands.
Rabobank's international branches in London, New York and Luxembourg now have access to additional functionality over the Web, enabling staff to view full account status, related transactions and outstanding investigations in real time. This includes full interaction with investigations records and the ability to update and create inquiries that intelligently link to active workflow on existing investigations.
"With PegaINTEGRATED INVESTIGATIONS for Payments, our international banking network can track and trace investigations independently, so they no longer have to contact our investigators for assistance. There has been an 80% drop in the number of phone calls alone, which has considerably raised our productivity levels and reduced costs at the national, international and branch levels," says Jaap Van Caspel, vice president of international payment services, Rabobank. "Additionally, correspondent banks working with us have access to the same Web self-service functionality as international branches, and we plan to roll this service out to our full network of 300 international correspondent banks in the near future."
PegaINTEGRATED INVESTIGATIONS for Payments automates routine processes associated with payments inquiries — including the receipt, delivery, and processing of incoming messages; as well as the sending of outbound correspondence using SWIFT and other industry formats. Today, customer service staff at Rabobank's national branches have a comprehensive overview of their international payments investigations operations and the ability to update and create new cases much quicker. As a result, they no longer need to phone, fax or e-mail the central investigations team to process investigations, helping to improve productivity. Consequently, more investigations can be processed straight-through, since no data re-entry is required and customer service staff can focus on delivering superior service.
"Rabobank's global extension of Pegasystems' technology is further testament to the success of our software and the satisfaction of our customers," said David Wells, vice president, Financial Services and Emerging Markets, Pegasystems. "We are eager to continue to help Rabobank meet its customer service, productivity and operational goals."
Powered by a new rules-driven financial adjustment fulfillment module within PegaINTEGRATED INVESTIGATIONS for Payments, financial adjustments, such as the correction or reversal of a payment, can now be automated. Previously, Rabobank staff manually processed these accounting entries, increasing the organization's exposure to operational risk due to a higher potential for human error. Using PegaINTEGRATED INVESTIGATIONS for Payments, the financial adjustment is initiated automatically as part of the workflow. The rules-driven system also determines whether debit and credit advices are required and if authorization is necessary. The net result is a more efficient end-to-end process.
See Pegasystems Announces PegaINTEGRATED INVESTIGATIONS 3.2 press release, announced September 30, 2002.
About Rabobank Group
The Rabobank Group is a broad financial services provider. Its cooperative foundation has given it a clear customer focus. All the divisions of the Group work in close cooperation in order to jointly offer customers the best possible price-quality ratio and a wide range of financial services and products, such as payment, saving, lending, insuring and investing. The Group consists of approximately 400 independent local cooperative Rabobanks, which together have around 625,000 members, and encompasses well-known subsidiaries such as Robeco, Interpolis, Schretlen and Co., Effectenbank Stroeve, Rabobank International, De Lage Landen, and Gilde Investment. The group is represented internationally with 142 locations in 38 countries. The Rabobank Group has received the highest credit rating from the major rating institutes. In its Dutch home market, the Rabobank Group has nine million business and private customers and is market leader in virtually every area of financial services.
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, 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.
NOTE: 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.
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