CAMBRIDGE, Mass., Oct. 13, 2021 /PRNewswire/ -- Pegasystems
Inc. (NASDAQ: PEGA), the software company that crushes
business complexity, announced enhancements to Pega Smart
Investigate™ that help enable banks to support the ISO 20022
standard that governs how payment data will be communicated between
financial institutions. As banks grapple with how to implement this
critical global standard before the SWIFT adoption date of 2022 and
migration deadline of 2025, Pega is helping future-proof banking
operations and ease the transition to the new standard by offering
an industry leading ISO 20022 compliant payment exceptions software
to the market.
Using a common open language, ISO 20022 will help enable banks
more easily communicate payment data as well as process and resolve
payment exceptions on behalf of their clients. Currently, the
underlying data required to resolve exceptions is sent separately –
often in email, free-format SWIFT, and other unstructured formats –
which slows down the transaction and delays the resolution of
payment exceptions.
As a market leader in payment exceptions management, Pega Smart
Investigate enhancements will help enable users to easily adopt ISO
20022 messages into their workflows so they can process data
between inbound and outbound communication formats. Users can
implement Pega Smart Investigate ISO 20022 and SWIFT CBPR+ support
out of the box or customize a specific ISO 20022 message model to
help accommodate local market standards. Synced with the latest
SWIFT standards supporting multiple financial communications, banks
can effortlessly work between message type (MT) and ISO
message formats without disrupting workflow.
Pega Smart Investigate is an end-to-end case management system
for payment exceptions used by more than 25 of the world's largest
global financial institutions. For almost 20 years, it has provided
global banks with case management, process automation, and
integrated support for SWIFT initiatives, including MT/FIN,
SWIFTNet, ISO, CBPR+, gpi, and gpi case resolution (gCase). The
scalable solution works across payment operations to manage
transaction exceptions by automating the inquiry and exception
management activities between departments, such as wire transfers,
foreign exchanges, and securities.
The enhanced ISO 20022 version of Pega Smart Investigate is
available today. For more information, visit
pega.com/industries/financial-services/corporate-smart-investigate.
Quotes & Commentary:
"As the deadline to comply
with the ISO 20022 standard rapidly approaches and more payments
system operators announce their migration plans, financial
institutions face firm compliance deadlines, and the time to act is
now," said Marc Andrews, vice
president, financial services, Pegasystems. "Pega helps ease this
transition quickly and future-proofs initiatives as new
standards arise to enhance the process and quality of the client
banking experience."
Supporting Resources
- Pega Smart Investigate
- Pega for Financial Services
About Pega
Pega delivers innovative software that crushes business
complexity so our clients can make better decisions and get work
done. We help the world's leading brands solve their biggest
business challenges: maximizing customer lifetime value,
streamlining customer service, and boosting operational efficiency.
Pega technology is powered by real-time AI and intelligent
automation, while our scalable architecture and low-code platform
help enterprises adapt to rapid change and transform for tomorrow.
For more information on Pegasystems (NASDAQ: PEGA), visit
www.pega.com.
Press Contact:
Erin Zwirn
Pegasystems Inc.
erin.zwirn@pega.com
Twitter: @pega
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SOURCE Pegasystems Inc.