Pegasystems talks of its ‘six Rs’ comprising receive, route,
research, report, respond and resolve. Key components comprise a process analyser, process simulator, enterprise integration, case management, content management integration, and portal integration. Pegasystems provides business frameworks of rules banking,
for insurance, healthcare and other sectors,
plus frameworks for particular areas within these (such as investigations – initially payments, now also securities and derivatives; CRM and credit card disputes). Users can also use SmartBPM to build their own applications. Indeed, the rules engine has been sold in its own right against offerings from the likes of ILOG and Fair Isaac. Pegasystems has patented the part of its solution that allows rules to be compiled in real-time. The solution can also be integrated with Business Intelligence tools from the likes of SAS and Oracle Hyperion. Smart Dispute is a BPM solution framework that permits
credit and debit card issuers to automate the resolution of
disputes and charge-backs. Pegasystems SmartBPM
automates routine tasks and actively guides staff through the more complex processes that require human intervention. The Smart Dispute solution framework permits front-line customer service representatives (CSRs) to capture all the customer information required to resolve a dispute at the first point of customer contact and handle complex disputes without a call transfer. TD Bank signed up for this solution. Smart Adjust provides financial institutions with
integrated, image-enabled payment exception processing across both cheque and electronic payments. An enterprise solution spanning payment types and departments, Smart Adjust extends from the back office to the front office for issue resolution and improved customer service. Pegasystems claims this rules-based solution also delivers the flexibility required to quickly evolve and extend exception workflows and business processes as the organisation’s needs change. Bank of Oklahoma and Bank of the West are among those to have signed up for this solution.
Smart Investigate for payments automates transaction investigations and exceptions management from initial contact through resolution.
Pre-configured workflows automate
common service requests and exceptions – including payment investigations, compensation claims, Nostro reconciliation and treasury investigations. Guided step-by-step processing, combined with scripting, minimises training time, ensures consistency, and reduces error rates. Rules-based technology automates the receipt and processing of incoming messages and the sending of outbound correspondence in Swift, SwiftNet XML, and other industry formats. Standard Chartered and Fin-Force are users, with Lloyds TSB also signing up for this solution in 2007.
Financial Services Industry Foundation provides pre- built templates to help financial institutions to accelerate deployment and speed up returns on their BPM investment. Based on IBM’s Industry FrameWork (IFW) models, FSIF
enables institutions to maximise re-use of assets across the enterprise through the use of a scalable, industry-standard model. FSIF provides four elements comprising common object, data and organisation models; pre-built integration connectors; case management and control capabilities; and pre-defined example workflows. Fraud/AML Investigation Case Management complements Pegasystems’ SmartBPM Suite by providing components needed to develop a fraud and AML alert and investigations management backbone. The solution manages the processing of alerts from multiple detection systems and provides productivity tools to streamline investigation activities. Specific features include a case visualisation interface, automatic SAR generation, and the ability to automatically retrieve transaction data from transaction processing systems. PegaRules Process Commander enables financial institutions to custom build solutions. It can be configured to receive incoming work from a variety of sources, intelligently route tasks to personnel with appropriate security and skill levels, and report on work, spotting bottlenecks and tracking performance. It also systematically researches missing information; responds with e-mail, personalised correspondence, wireless, and fax communications; and resolves critical path decisions with automatic transactions, prompted intervention, and system-driven processing. BB&T, Rabobank and BNP Paribas are among those to have signed up for this solution. In March 2016, the company announced Pega Client
Lifecycle Management (CLM), an application that streamlines and automates client onboarding. From client adoption, enrichment, and KYC to credit, legal, and risk assessment through to fulfillment, Pega CLM coordinates all steps from front office to back office across multiple geographies, products, and stakeholders based on pre-defined industry best practices.
In September 2016, Pegasystems announced enhancements to its Pega® Client Lifecycle Management (CLM) and Pega® Know Your Customer (KYC) applications. The enhancements include the addition of new capabilities for both corporate and personal banking clients, by extending the Pega CLM capabilities to personal banking channels. As a result banks can expedite processes with a single master view of the client and all related parties, re-using data as they engage across the organization, streamlining compliance and improving customer service. Furthermore in February 2017, Pegasystems unified Pega® Robotic Automation within Pega CLM and Pega KYC, thus introducing robotic automation in the client onboarding process for repetitive manual tasks in onboarding and KYC remediation processes. In October 2017, these capabilities were further fortified with the integration of new facial recognition and identification capabilities within its Pega® Know Your Customer (KYC) and Pega® Client Lifecycle Management (CLM) applications.
Payment Systems & Suppliers Report |
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