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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.
About this update from Pegasystems Inc.
[{"type":"text","content":"Out-of-the-box workflows automate payment investigations and help keep banks in compliance\nCAMBRIDGE, 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.\n\n \n \n \n \n \n \n\n \nRecent 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. \nPega 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:\nFaster resolutions: With intuitive authoring, dynamic templates, and enhanced inbound request processing, Pega can help reduce resolution time from weeks to days.Fewer manual errors: Pega automates many aspects of the investigation process, helping banks avoid mistakes that can result in significant fines.Increased compliance: By keeping the process and data gathering within the core exceptions software, banks can more easily audit the process with a documentation trail to meet compliance standards.In addition to the new sanctions investigation processes, Pega has introduced additional features to Pega Smart Investigate to drive further efficiencies, including:\nEvent visuali...