UK banking group Lloyds TSB is implementing the Smart Investigate package from Massachusetts-based Pegasystems to automate and streamline payment exception management processes.
Pegasystems says Lloyds TSB will use Smart Investigate for exceptions handling of international payments.
Smart Investigate, which is built on Pegasystems' rules-driven business process management (BPM) software, automates inquiry and exception processing across 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 the technology forms a key component of Lloyds TSB's broader 'strategic international payments' (SIP) programme, which is designed to provide a more scalable and flexible infrastructure across the group.
Mark Watkinson, CIO for money transmission, group operations, Lloyds TSB, says: "We chose Pegasystems' Smart Investigate framework after a thorough analysis of the market. We were looking for a tried and tested 'future proofed' solution from a well established company."
Pegasystems says it will collaborate with Lloyds TSB on detailed design, construction and testing to deliver a system that is expected to go live in Q4 2007.