Nordea automates payments exceptions with Pegasystems; revenues dip on slowing sales cycle
29 October 2004 | 4921 views | 0
Nordic financial services group Nordea is rolling out technology from Massachusetts-based Pegasystems to automate exception management processes across its payments operations in Helsinki, Copenhagen, Oslo and Stockholm.
Nordea will implement the PegaBanking Smart Investigate software which automates inquiry and exception processing across numerous wholesale banking departments, including payments, foreign exchange and nostro reconciliations.
The system handles the receipt and processing of incoming messages, sends outbound correspondence in Swift and other formats, searches for related transactions and processes compensation claims and adjustments.
Pegasystems says additional projects within Nordea's global operational services, such as treasury and custody, will also be reviewed.
News of the deal comes as Pegasystems reported a dip in quarterly revenues to $21.5 million, from $24 million in Q3 2003. Pre-tax income of $1.1 million for the quater was well down on the $5.2 million recorded last year.
Henry Ancona, president and COO blamed the revenue decline on delays in finalising two large contracts, which have since closed. "We have continued to experience lengthy negotiations and delays in customers signing contracts. Nevertheless," he says, "we remain confident of our long-term outlook. As such, we continue to invest in our business with an emphasis on sales and sales support personnel."