New Pega Smart Investigate Features Help Banks Speed Financial Sanction Reviews
Out-of-the-box workflows automate payment investigations and help keep banks in compliance
CAMBRIDGE, Mass., Nov. 8, 2022 /PRNewswire/ -- Pegasystems Inc. (NASDAQ: PEGA), the low-code platform provider that builds agility into the world's leading organizations, today announced enhancements to Pega Smart Investigate™ making it easier for banks to manage financial sanction investigations. For the first time, banks can now automate the process directly from their Swift-based exceptions management software with out-of-the-box workflows – saving investigators valuable time while reducing the risk of errors and non-compliance.
Recent world geopolitical events have led to an increase in economic sanctions, which aim to block transactions linked to illegal activities such as terrorism, drug trade, or human rights violations. Enforcement of these sanctions largely falls on financial institutions, which are now burdened with a significant rise in new cases. These complex investigations typically take place over email, phone, and other free-form channels outside of the bank's core exceptions platform. This not only lengthens the time to resolution, it can also result in costly manual errors and make compliance tracking more difficult.
Pega Smart Investigate is the only payment exceptions solution on the market that provides pre-built Swift-based workflows to facilitate more efficient information requests for financial sanctions investigations. Pega automates the process from end-to-end using the same Swift messaging standards that banks already use to securely communicate with each other. As a result, payment exceptions teams can realize:
In addition to the new sanctions investigaion processes, Pega has introduced additional features to Pega Smart Investigate to drive further efficiencies, including:
Pega Smart Investigate is built on Pega's low-code platform for AI-powered decisioning and workflow automation and is used by more than 25 of the world's largest global financial institutions. For more than 30 years, Pega has provided global banks with case management, workflow automation, and integrated support for Swift initiatives, including MT/FIN, SWIFTNet, ISO, CBPR+, gpi, and Swift case resolution. The scalable solution works across payment operations to manage transaction exceptions by automating the inquiry and exception management activities between departments involving wire transfer/payment and reconciliation operations.
The new 8.8 version of Pega Smart Investigate is available today. For more information on the new features, visit http://pe.ga/PSI88Notes.
Quotes & Commentary:
"New global financial sanctions are causing a notable spike in sanctions investigations that banks are forced to handle, bringing a new source of strain on their already stretched resources," said Steve Morgan, industry market leader, banking, Pega. "We worked closely with some of the world's leading financial institutions and standards organizations to provide the first out-of-the-box Swift-based solution that helps banks manage the thousands of new sanctions investigations opened every day. Now they can resolve cases faster, decrease costs, and reduce risk."
Pega provides a powerful low-code platform that builds agility into the world's leading organizations so they can adapt to change. Clients use our AI-powered decisioning and workflow automation to solve their most pressing business challenges – from personalizing engagement to automating service to streamlining operations. Since 1983, we've built our scalable and flexible architecture to help enterprises meet today's customer demands while continuously transforming for tomorrow. For more information on Pegasystems (NASDAQ: PEGA), visit www.pega.com
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SOURCE Pegasystems Inc.
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