Automates Bank Payment Verification Based on SWIFT Guidelines by Pega
In the rapidly evolving world of finance, Pegasystems, an enterprise transformation company, has introduced a groundbreaking solution: Pega Smart Investigate Agentic Automation. This innovative technology is designed to automate manual processes in payment verification, offering a much-needed respite to global banks grappling with a surge in payment exceptions, increasing complexity of sanctions, and rapid changes in payment systems.
Developed using Pegasystems' Agentic Process Fabric, Pega Smart Investigate Agentic Automation integrates agentic AI, providing a robust and intelligent system. The solution is comprehensive in its interoperability, seamlessly working with MT/MX messages, including the new MX formats. It also supports the latest SWIFT ISO 20022 payment standards, making it a perfect fit for the modern financial landscape.
One of the key features of Pega Smart Investigate Agentic Automation is its ability to understand and process SWIFT-based messages. It supports various SWIFT standards such as camt.110 and camt.111, ensuring a seamless flow of information. The solution also offers payment exceptions and verification software, enhancing the straight-through processing of exceptions.
Steve Morgan, the Industry Market Leader FS at Pega, emphasizes the importance of this solution. "Pega Smart Investigate Agentic Automation builds on a solution banks have trusted for decades, extending it with intelligent agents that think, read, and act like investigators," he said.
The solution also facilitates seamless communication with correspondent banks, regardless of their SWIFT standard implementation. It supports new payment types and is interoperable with third-party agents, making it a versatile tool in the financial sector.
Perhaps one of the most significant advantages of Pega Smart Investigate Agentic Automation is its native support for SWIFT-ISO-20022 standards and integrated, agent-based AI. This combination allows the solution to automate and streamline processes, reducing the risk of errors and increasing efficiency.
Moreover, Pega Smart Investigate Agentic Automation also supports SWIFT's case management service, providing a centralised platform for managing and resolving payment exceptions. This feature is invaluable in the complex world of international finance, where swift and accurate resolution of issues is crucial.
In conclusion, Pega Smart Investigate Agentic Automation is a game-changer in the financial industry. By automating manual processes, supporting new SWIFT standards, and enhancing the straight-through processing of exceptions, it offers a solution to the challenges faced by global banks today. With its native support for SWIFT-ISO-20022 standards and integrated, agent-based AI, Pega Smart Investigate Agentic Automation is set to redefine the future of payment verification.
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