Payment processing streamlined

Today, Dec 2002

Business process management software vendor Pegasystems (617-374-9600 / www.pegasystems.com) has released the latest in its suite of payment processing software. PegaIntegrated Investigations 3.2 streamlines processing of various financial instruments. By integrating payment, securities and treasury investigations processing in one platform, banks can reduce the duplication of tasks associated with resolving errors. According to the company, six of the top ten global banks have implemented Pegasystems' investigations software.

Features of the new release include improved fulfillment capabilities that enable automated processing of financial adjustments, and the management of inter-bank compensation payables and receivables. A standard database schema for archived transaction data is available for use by banks that do not have an existing data warehouse. "As US payments transition from paperbased to electronic payments, banks must implement real time processing systems." said Robert Hunt, TowerGroup. "It is critical that financial institutions automate workflow processes in order to manage, process, and resolve exception conditions and customer inquiries in a timely manner"

PegaIntegrated Investigations 3.2 automates routine processes associated with payments, securities and treasury inquiries, including the receipt, delivery and processing of incoming messages, and the sending of outbound correspondence using SWIFT, FedWire and other formats. It provides a single view of customer information that extends across legacy systems and databases-providing fast and efficient resolution. Customers can submit inquiries and review the status of investigations through Web self-service, which helps improve customer satisfaction and retention.