Pega's Innovative Solutions Enhance Payment Investigation Processes
Pegasystems Inc. (NASDAQ: PEGA), known as The Enterprise Transformation Company™, has unveiled a remarkable new edition of Pega Smart Investigate. This latest iteration comes packed with enhanced automation and generative AI capabilities designed to assist banks in efficiently handling payment exceptions and investigations. With a completely revamped user interface, the Pega Smart Investigate Enterprise Edition facilitates end-to-end process automation and complies with the latest ISO 20022 standards. This advancement is crucial for financial institutions aiming to manage a rising volume of payment exceptions, reduce operational costs, and elevate client satisfaction.
Meeting the Shifting Demands of Financial Institutions
Globally, banks are striving to fulfil the ambitious goal set by the G20, which aims for cross-border payments to be processed in under one hour by 2027. Yet, navigating the increased volume of global sanctions and the swiftly evolving payment standards is no small feat. Many banking institutions grapple with outdated systems and manual processes, leading to inefficiencies under growing client expectations.
In response to these challenges, the updated modular architecture of Pega Smart Investigate Enterprise Edition has introduced comprehensive automation capabilities throughout the entire payment investigation lifecycle. This advancement minimizes manual labor and expedites the resolution of complex cases, establishing itself as the premier ISO 20022 compliant solution with MT and ISO interoperability.
Key Innovations in Pega Smart Investigate Enterprise Edition
Pega Smart Investigate Enterprise Edition has been launched with several significant innovations:
- Expanded automation and improved workflows: This includes advanced end-to-end process automation, empowering straight-through processing. Features like the automatic generation of new cases and retrieval of existing payments data minimize resolution times and enhance client satisfaction.
- Intelligent workflow design: With the Pega GenAI Blueprint™, banks can swiftly create new resolution processes tailored to different payment and message types. Simply describing the desired process using natural language enables the generation of new workflows based on best practices.
- Frictionless client engagement: Integration with Pega Customer Service™ offers automated email handling and seamless front office connections, greatly enhancing client interactions.
Advanced AI Features for Enhanced Performance
The new edition also brings forth advanced AI agents engaged in guiding staff and optimizing processes:
- Ongoing process optimization: Pega GenAI Coach™ offers real-time advice, enabling employees to adeptly navigate the process lifecycle.
- Instant information retrieval: Pega Knowledge Buddy™ utilizes generative AI to furnish employees with prompt access to documentation and best practices.
- AI-generated case summaries: With the ability to present quick insights into any case, staff is better equipped to make informed decisions.
- Clarifying complex messages: Instant summaries translate complicated Swift messages into easy-to-understand language, promoting clarity and transparency within the organization.
Pega's 40-Year Legacy in Payment Solutions
With over four decades of experience in cross-border payments exception management, Pega has established itself as a market leader. Today, Pega Smart Investigate is utilized by 90% of the world’s largest cross-border payment processors, being the only solution that fully embraces ISO 20022 standards while ensuring compatibility with existing payment formats.
This capability allows banks to continually modernize their operations without compromising their existing business models.
Collaboration with Industry Experts
Pega’s partnership with EvonSys, a leading expert in commercial payments, was instrumental in the development of this innovative solution. Their insights and implementation experience significantly shaped the capabilities of Pega Smart Investigate Enterprise Edition.
Currently available, the Pega Smart Investigate Enterprise Edition may require additional licenses for some AI features. For further information, clients can visit Pega’s website.
Frequently Asked Questions
What is Pega Smart Investigate Enterprise Edition?
Pega Smart Investigate Enterprise Edition is an enhanced payment investigation solution designed by Pegasystems Inc., incorporating advanced automation and generative AI capabilities.
How does it help banks?
This solution assists banks in processing payment exceptions more efficiently while reducing operational costs and improving client satisfaction.
What are the new features included?
New features include advanced automation workflows, intelligent process design, frictionless client access, and enhanced AI guidance tools.
Why is ISO 20022 compliance important?
ISO 20022 compliance is crucial for financial institutions, as it ensures streamlined cross-border payments and is increasingly recognized as the standard for payment messaging.
How can banks implement this new edition?
Banks can implement the new edition of Pega Smart Investigate Enterprise Edition through Pega's platform, which allows for integration with existing systems.
