Software enhancements help banks transition to ISO 20022 for improved compliance, efficiency, and customer experience
Pegasystems Inc., the software company that crushes business complexity, announced enhancements to Pega Smart Investigate™ that help enable banks to support the ISO 20022 standard that governs how payment data will be communicated between financial institutions. As banks grapple with how to implement this critical global standard before the SWIFT adoption date of 2022 and migration deadline of 2025, Pega is helping future-proof banking operations and ease the transition to the new standard by offering an industry leading ISO 20022 compliant payment exceptions software to the market.
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Using a common open language, ISO 20022 will help enable banks more easily communicate payment data as well as process and resolve payment exceptions on behalf of their clients. Currently, the underlying data required to resolve exceptions is sent separately – often in email, free-format SWIFT, and other unstructured formats – which slows down the transaction and delays the resolution of payment exceptions.
As a market leader in payment exceptions management, Pega Smart Investigate enhancements will help enable users to easily adopt ISO 20022 messages into their workflows so they can process data between inbound and outbound communication formats. Users can implement Pega Smart Investigate ISO 20022 and SWIFT CBPR+ support out of the box or customize a specific ISO 20022 message model to help accommodate local market standards. Synced with the latest SWIFT standards supporting multiple financial communications, banks can effortlessly work between message type (MT) and ISO message formats without disrupting workflow.
Pega Smart Investigate is an end-to-end case management system for payment exceptions used by more than 25 of the world’s largest global financial institutions. For almost 20 years, it has provided global banks with case management, process automation, and integrated support for SWIFT initiatives, including MT/FIN, SWIFTNet, ISO, CBPR+, gpi, and gpi case resolution (gCase). The scalable solution works across payment operations to manage transaction exceptions by automating the inquiry and exception management activities between departments, such as wire transfers, foreign exchanges, and securities.
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