Pegasystems has released version 3.2 of its PegaIntegrated Investigations software - designed to help financial institutions streamline the processing of payment, securities and treasury investigations and exceptions - and announced Rabobank as its first client.
The system automates routine processes associated with payments, securities and treasury inquiries across one platform, including the receipt, delivery and processing of incoming messages, as well as the sending of outbound correspondence using Swift, Fed Wire and other industry formats.
The new release also enables automated processing of financial adjustments and the management of inter-bank compensation payables and receivables. A standard database schema for archived transaction data is available for banks that do not have an existing data warehouse.
Users are provided with a single view of customer information that extends across legacy systems and databases. Customers can also submit inquiries and review the status of investigations through Web self-service.
Dutch-based Rabobank is deploying PegaIntegrated Investigation for Payments, part of the version 3.2 software suite, across its national and international branch network. The new software allows Rabobank's correspondent banks and corporate customers to check the status of transactions via the Web.
Jaap Van Caspel, vice president of international payment services, Rabobank, says there has been an 80% drop in phone calls to the back office as international branches are now able to investigate payment trails independently.
He adds: "Correspondent banks working with us have access to the same Web self-service functionality as international branches, and we plan to roll this service out to our full network of 300 international correspondent banks in the near future."