Pegasystems (NASDAQ: PEGA), the leader in Business Process Management (BPM), today announced that SunTrust Banks has selected its SmartBPM platform with Build for Change technology and Banking Industry Framework for use in several mission critical applications.
The company will apply Pegasystems' industry leading BPM capabilities to help prevent money laundering, support fraud investigations, and manage compliance with the Bank Secrecy Act, USA Patriot Act and other regulations. SunTrust will also use the Pegasystems solution to enhance the new account opening experience for its customers, easily and effectively establishing new business and enhancing the foundation for outstanding customer relationship management.
"We needed a solution that would enable us to collaborate across multiple lines of business and disparate application areas of the bank while allowing independent teams to meet their specific goals and objectives," said Kevin Poe, senior vice president, SunTrust Enterprise Business Process Services. "We chose Pegasystems to meet these needs for our diverse mission critical operations based on Pega's world-class technology and unique ability to support re-use across multiple lines of business. Pega's deep industry expertise, and pre-packaged financial industry assets were of considerable importance and have enabled us to achieve immediate results."
"To deal with increasingly sophisticated fraud and to comply with OFAC regulations, the Bank Secrecy Act, the USA PATRIOT Act and other complex and changing regulations, banks are demanding solutions that can provide a high degree of control, transparency and - perhaps most importantly - give them the agility to respond to these challenges," said Willy Fox, senior director of financial services solutions, Pegasystems. "At the same time, the competition for new banking and financial services customers is intense. These customers have high expectations regarding service and ease of doing business, beginning, of course, with the experience of opening an account. We are delighted to be working with SunTrust to help the company better meet these challenges and continue to drive its market leadership."