Pegasystems unveils AI-driven Pega Smart Investigate update

Pegasystems has launched a new edition of Pega Smart Investigate designed to help banks process payment exceptions and investigations with enhanced automation and generative AI capabilities.

The updated Pega Smart Investigate Enterprise Edition features a revamped user interface and offers end-to-end process automation while supporting ISO 20022 standards.

This development aims to assist financial institutions looking to manage an increasing volume of payment exceptions efficiently, reduce operational costs, and satisfy enhanced client expectations.

Banks worldwide are working to meet the G20 target of processing cross-border payments in less than an hour by 2027.

Many institutions face challenges due to outdated systems, manual processes, and strained resources, particularly as global sanctions increase and payment standards change.

The Pega Smart Investigate Enterprise Edition introduces a modular architecture that extends automation capabilities throughout the payment investigation lifecycle. This reduces manual workload and expedites the resolution of complex cases. As an ISO 20022 compliant solution, it offers interoperability with MT and ISO formats and provides automated solutions for intricate cross-border payment issues.

The new edition offers various advancements in automation and workflow, such as intelligent workflow design via Pega GenAI Blueprint, which allows banks to create new resolution processes or manage diverse payment and message types through a natural language interface. The system features integration with Pega Customer Service for seamless client interaction.

Furthermore, the solution employs advanced AI agents to offer process optimisation and guidance through Pega GenAI Coach, quick access to documentation with Pega Knowledge Buddy, and AI-driven case summaries, improving clarity for complex transactional messages.

The solution's improved architecture supports flexibility and efficiency for complex processes across different jurisdictions and includes out-of-the-box support for new Swift messaging standards. The interface provides a modernised appearance, enhancing the user experience.

Pega Smart Investigate benefits from Pega's extensive experience, being used by 90% of the largest cross-border payment processors worldwide. It fully adheres to ISO 20022 standards while ensuring compatibility with existing payments formats, enabling banks to update their operations while maintaining continuity.

The edition was shaped with input from EvonSys, a partner with expertise in commercial payments, which contributed to its development with industry insights and implementation knowledge.

Ryan White, Director of Product Management at Pega, said, "This new version of Pega Smart Investigate represents a significant leap forward in payment exception handling. By combining advanced automation with generative AI capabilities, we're helping banks transform what has traditionally been a complex, manual process into a streamlined, intelligent workflow that can dramatically reduce resolution times and improve the client experience."

Shirish Wadivkar, Head of Transaction Management at Swift, commended the integration, stating, "Our technology partners' efforts in piloting and implementing new ISO 20022 standards for cross-border payment investigations, alongside integration with Swift's new Case Management solution, represent meaningful progress in reshaping the exceptions and investigations (E&I) landscape."

"Pega's involvement in this year's pilot and broader customer adoption reflects a strong commitment to enhancing efficiency and driving innovation in cross-border payments."

Andy Elliott, Vice President of Product Strategy at EvonSys, also noted, "As leaders in commercial payments transformation, we were thrilled to collaborate on delivering this next-generation payment investigations solution."

"This innovative approach, powered by Pega's advanced automation and AI, will redefine how banks tackle payment investigations, driving operational efficiency and delivering exceptional value to the market."