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On Thu, 12 Dec, 12:07 AM UTC
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Pega Accelerates Resolution of Payment Exceptions and Investigations with New Edition of Pega Smart Investigate By Investing.com
Expanded AI-powered automation helps banks resolve payment exceptions faster while reducing operational costs CAMBRIDGE, Mass.--(BUSINESS WIRE)--Pegasystems Inc. (NASDAQ: PEGA), The Enterprise Transformation Company™, today announced a new edition of Pega Smart Investigate™, including expanded automation and generative AI capabilities to help banks process payment exceptions and investigations faster and more efficiently. With a dramatically improved user interface, the new Pega Smart Investigate Enterprise Edition enables end-to-end process automation and supports the latest ISO 20022 standards to help financial institutions tackle the growing volume of payment exceptions while reducing operational costs and improving client satisfaction. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241211951272/en/ Banks around the world are racing to meet the goal set by the G20 to process cross-border payments in under an hour by 2027. But with the increasing volume of global sanctions and ever-changing payment standards, many banks struggle due to outdated systems, manual and siloed processes, and already strained resources. Banks need ways to automate more of these costly payment exceptions and investigations to meet the increasing expectations from clients. With an updated modular architecture, Pega Smart Investigate Enterprise Edition adds extensive automation capabilities through the entire payment investigation lifecycle. This significantly reduces manual work and brings complex cases to resolution much faster. As the leading ISO 20022 compliant solution with MT and ISO interoperability, Pega Smart Investigate Enterprise Edition builds on its decades of market leadership to quickly orchestrate and automate exceptions for even the most complex cross-border payment scenarios. Available today, Pega Smart Investigate Enterprise Edition includes several key new innovations such as: Pega Smart Investigate Enterprise Edition builds on Pega's 40-year leadership in cross-border payments exceptions management. Used by 90% of the world's largest cross-border payment processors, Pega Smart Investigate is the only solution fully supporting ISO 20022 standards while maintaining compatibility with existing payment formats. This ensures banks can modernize their operations while maintaining business continuity. EvonSys, a valued Pega partner with deep expertise in commercial payments, played a pivotal role in shaping this solution by contributing their industry knowledge and implementation experience. Pega Smart Investigate Enterprise Edition is available today. Some AI features may require additional licenses. For more information, visit here. Quotes & Commentary: "This new version of Pega Smart Investigate represents a significant leap forward in payment exception handling," said Ryan White, director, product management, Pega. "By combining advanced automation with generative AI capabilities, we're helping banks transform what has traditionally been a complex, manual process into a streamlined, intelligent workflow that can dramatically reduce resolution times and improve the client experience." Our technology partners' efforts in piloting and implementing new ISO 20022 standards for cross-border payment investigations, alongside integration with Swift's new Case Management solution, represent meaningful progress in reshaping the exceptions and investigations (E&I) landscape, said Shirish Wadivkar, head of transaction management, Swift. Pega's involvement in this year's pilot and broader customer adoption reflects a strong commitment to enhancing efficiency and driving innovation in cross-border payments. As leaders in commercial payments transformation, we were thrilled to collaborate on delivering this next-generation payment investigations solution, said Andy Elliott, vice president, product strategy, EvonSys. This innovative approach, powered by Pega's advanced automation and AI, will redefine how banks tackle payment investigations, driving operational efficiency and delivering exceptional value to the market. Supporting Resources: About Pegasystems Pega is The Enterprise Transformation Company that helps organizations Build for Change ® with enterprise AI decisioning and workflow automation. Many of the world's most influential businesses rely on our platform to solve their most pressing 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 client demands while continuously transforming for tomorrow. For more information on Pega (NASDAQ: PEGA), visit www.pega.com All trademarks are the property of their respective owners.
[2]
Gen AI and Automation Enhancements Help Banks Accelerate Payment Disputes and Claims with New Edition of Pega Smart Dispute By Investing.com
New version of market-leading solution further simplifies time-consuming process and supports more payment types CAMBRIDGE, Mass.--(BUSINESS WIRE)--Pegasystems Inc. (NASDAQ: PEGA), the Enterprise Transformation Company™, today introduced the next generation version of its market-leading Pega Smart Dispute™ offering, including new generative AI and automation features that helps banks accelerate resolution of disputes and fraud claims for any type of payment. With the new Pega Smart Dispute Enterprise Edition, banks can now resolve complex disputes and claims even faster across a wider range of payment types, all through a single, powerful, and time-tested Pega solution. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241211846627/en/ Banks worldwide are facing a massive surge in chargeback requests, which are costly and time-consuming to process. Research firm Datos Insights found customers disputed $11 billion worth of charges in the U.S. last year alone, with this figure expected to rise 40% by 2026. The adoption of alternative payment methods beyond Visa (NYSE:V) and Mastercard (NYSE:MA) has surged in recent years with significant growth in mobile wallet payments, peer-to-peer payments, buy now pay later (BNPL), and real/near-real time payment systems. Banks must navigate this ever-growing array of global and regional payment types while working across a complex web of evolving chargeback policies, often across siloed systems. Any payment type, unified under one solution Trusted for decades by dozens of the top global banks to handle card payment disputes, Pega Smart Dispute Enterprise Edition can now process any possible payment type more efficiently and effectively with gen AI and expanded automation capabilities. By tapping into Pega GenAI Blueprint™ " the workflow design platform launched earlier this year " users can extend Pega Smart Dispute Enterprise Edition to support new payment types in just seconds using natural language prompts. This means banks can easily support emerging, regional, or niche payment types as quickly as they come to market. Pega leverages its 20 years of extensive chargeback experience and the power of gen AI to automate new payment workflow creation. This complements existing out-of-the-box support for more established payment types, such as Visa, Mastercard, American Express (NYSE:AXP), Zelle, and others, all under one centralized disputes platform. Even more automation & guidance In addition, Pega has added a suite of AI agents that infuse even more automation and guidance through every step, including: Additional enhancements Longtime market leader Pega Smart Dispute manages all aspects of the payment dispute and exception processes in a unified solution. It both guides employees and automates processes to increase efficiency, customer satisfaction, and compliance. Built on Pega's leading low-code platform, Pega Smart Dispute enables clients to rapidly adapt to changing conditions and handle new payment types. Pega Smart Dispute Enterprise Edition is available today. Some AI features may require additional licensing. For more information, visit: www.pega.com/industries/financial-services/smart-dispute. Quotes & Commentary: With the rapid growth in chargeback disputes, banks must be increasingly quick and nimble to keep up with customer demands, said Steve Morgan, global banking industry lead, Pega. By infusing new powerful gen AI and automation capabilities across our market-leading payment dispute solution, Pega is helping banks increase efficiency and bring faster resolutions to customers. Supporting Resources: About Pegasystems Pega is The Enterprise Transformation Company that helps organizations Build for Change ® with enterprise AI decisioning and workflow automation. Many of the world's most influential businesses rely on our platform to solve their most pressing 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 Pega (NASDAQ: PEGA), visit www.pega.com All trademarks are the property of their respective owners.
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Pegasystems introduces new editions of Pega Smart Investigate and Pega Smart Dispute, leveraging AI and automation to streamline payment exceptions, investigations, and disputes for banks.
Pegasystems Inc. (NASDAQ: PEGA), a leader in enterprise transformation, has announced significant upgrades to its banking solutions, aiming to revolutionize payment processing and dispute resolution. The company has introduced new editions of Pega Smart Investigate and Pega Smart Dispute, both leveraging advanced AI and automation capabilities 12.
The new Pega Smart Investigate Enterprise Edition focuses on accelerating the resolution of payment exceptions and investigations. Key features include:
This solution is designed to help banks meet the G20's goal of processing cross-border payments in under an hour by 2027. It addresses challenges such as increasing global sanctions and evolving payment standards, which have strained many banks' resources 1.
The next-generation Pega Smart Dispute Enterprise Edition addresses the growing problem of chargeback requests. Notable enhancements include:
These improvements come at a crucial time, as research firm Datos Insights predicts a 40% increase in disputed charges in the U.S. by 2026, reaching a total of $15.4 billion 2.
Both solutions incorporate Pega's GenAI Blueprint technology, allowing for rapid adaptation to new payment types and evolving industry standards. The AI-powered features include:
Pegasystems' solutions are widely adopted in the banking sector, with 90% of the world's largest cross-border payment processors using Pega Smart Investigate. The company has collaborated with industry partners like EvonSys and integrated with Swift's new Case Management solution to enhance the efficiency of cross-border payments 1.
Ryan White, director of product management at Pega, emphasized the transformative potential of these upgrades: "By combining advanced automation with generative AI capabilities, we're helping banks transform what has traditionally been a complex, manual process into a streamlined, intelligent workflow that can dramatically reduce resolution times and improve the client experience" 1.
As banks face increasing pressure to process payments faster and more efficiently, Pegasystems' AI-powered solutions offer a promising path forward in modernizing financial operations and meeting evolving customer expectations in the digital age.
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