Accounting and Financial Software
Pegasystems Achieves Industry's First SWIFTNet Exceptions and Investigations Transmission
Smart Investigate BPM Solution Sets the Industry Standard
CAMBRIDGE, Mass., April 3 /-- Pegasystems Inc. (NASDAQ:PEGA), the leader in unified process and rules technology, today announced the industry's first successful SWIFTNet Exceptions and Investigations (E&I) transmission through its leading SmartBPM(TM) solution, Smart Investigate. This accomplishment demonstrates the advantages Business Process Management (BPM) can offer to the wholesale banking market, including substantial improvements in straight-through processing (STP) for investigation handling, concurrent with improved customer service.
Pegasystems' Smart Investigate automates exceptions and investigations related to payments, foreign exchange, trade finance, securities and other products on a single integrated backbone and was awarded a "SWIFTNet Ready" label in 2005 for its handling of SWIFTNet E&I messages related to payments. The first E&I transmission was a 'ClaimNonReceipt' message that was sent over the SWIFTNet network between a major Australian financial institution and JPMorgan Chase, where a case was raised and successfully handled in Smart Investigate.
"Launching the pilot phase of SWIFTNet Exception & Investigations moves the industry significantly closer to the full automation so critically needed to provide our clients with the fastest and most accurate information," said Thomas Halpin, US Dollar Clearing Business Executive for JPMorgan Chase. "This initiative will allow the entire industry to improve overall service levels provided to clients and facilitate efficiency gains in our operations."
"SWIFTNet Exceptions and Investigations is going to revolutionize the way investigations are handled. The service will help to drive down operating costs while improving customer service at the same time. We are pleased to announce that the first SWIFTNet E&I messages successfully crossed the network on March 14 to formally launch the pilot phase of the project." said Catherine Banneux, SWIFTNet E&I Product Manager.
Reflecting 20 years of experience serving the world's largest banks, Pegasystems offers superior automation capabilities on a highly flexible BPM platform. This rules-driven solution helps banks achieve even greater STP rates while ensuring compliance with mandatory SWIFT standards. The current pilot runs through September 2006 when the participating banks will begin to operate with live traffic on the production network.
"Smart Investigate was designed to help our customers, the industry's most sophisticated companies, increase investigation STP levels, reduce exception processing labor costs and reduce inquiry response times," said Andy Elliott, Director of Product Management, Pegasystems. "This accomplishment validates our leadership position in delivering large-scale, global solutions. It is a great example of the significant advantage we bring to our customers in helping resolve critical issues and differentiate themselves from their competitors."
About Pegasystems
Pegasystems Inc. (NASDAQ:PEGA) provides software to automate complex, changing business processes. Pegasystems, the leader in unified process and rules technology, gives business people and IT departments the ability to use best processes across the enterprise and outperform their competition.
Our new class of Business Process Management (BPM) technology makes enterprise systems easy to use and easy to change. By automating policy manuals, system specifications and lines of manual coding with dynamically responsive updates, Pegasystems powers the world's most sophisticated organizations to Build for Change(TM).
Pegasystems' award-winning, standards-based BPM suite is complemented with best-practice solution frameworks to help leaders in the financial services, insurance, healthcare, manufacturing and government markets drive growth and productivity.
Headquartered in Cambridge, MA, Pegasystems has regional offices in North America, Europe and the Pacific Rim. For more information, visit www.pega.com/ .
For information, contact:
Rosalind Morville
Sr. Public Relations Manager
Pegasystems Inc.
(617) 866-6029
rosalind.morville@pega.
Darlene Doyle
Account Manager
Lois Paul and Partners
(781) 782-5868
comdarlene_doyle@lpp.com
Source: Pegasystems Inc.
Web site: www.pega.com/
