Security and Compliance
PR Newswire | October 16, 2023
Pegasystems Inc. (NASDAQ: PEGA), the low-code platform provider empowering the world's leading enterprises to Build for Change®, today announced the Pega Financial Crime and Alerts Investigation Management Accelerator, a new solution that helps financial institutions manage the rising number of risk alerts and more efficiently orchestrate investigations. By leveraging Pega's proven intelligent automation and case management capabilities along with its groundbreaking generative AI-powered capabilities, financial institutions can break through operational silos and speed investigations for what is traditionally a time-intensive and manual process.
Financial crimes – such as fraud, money laundering, structuring, and sanctions violations –are rapidly rising, putting increasing strain on financial institutions' risk teams to investigate each potential incident. While detection and monitoring systems have matured, financial institutions still struggle to manage the increasing volume of these alerts and investigations, which have been further exacerbated by global economic sanctions. Compounding this problem, risk teams from different departments often work in silos and use different monitoring and case management tools, making it difficult to get a consolidated picture of all risks related to each customer. This can lead to inefficient and duplicative processes, unnecessary manual work, and inconsistent outcomes.
The Pega Financial Crime and Alerts Investigation Management Accelerator provides financial institutions with a unified solution to manage alerts and drive investigations for all types of risk detection systems across all departments, jurisdictions, and lines of business. The accelerator provides a holistic, transparent, and actionable view of each customer's risk profile in a single application, helping drive more collaboration for even the largest and most complex financial institutions. And with Pega's leading intelligent automation and AI, financial institutions can streamline their investigations, resulting in faster resolutions, lower costs, and better outcomes for their customers.
Available today for download on Pega Marketplace, Pega Financial Crime and Alerts Investigation Management Accelerator provides any financial institution the following key features and benefits:
Smarter process orchestration with case management and intelligent automation: Pega enables all types of alerts across different monitoring systems to be captured and triaged in a consistent manner so investigators can spend their time examining the case rather than gathering and managing information. The accelerator digests and enriches alerts, deduplicates redundant alerts, and merges new alerts into existing investigation cases when applicable. Cases are assigned with skill-based routing to the most appropriate risk investigator, who is guided through the right stages and steps to efficiently and accurately handle each case.
Reduced time and costs with automation and AI: By using automation and AI to reduce manual labor, Pega helps drive investigations faster and more accurately. For example, the accelerator eliminates the time-consuming and cumbersome process of developing a Suspicious Activity Reports (SAR) by using generative AI to analyze all data associated with a case and then automatically draft the SAR. Automation is applied throughout the process, helping staff drive more efficient and effective investigations.
Increased flexibility with configurable system options: The accelerator is highly configurable, allowing financial institutions to leverage pre-built process templates out of the box and easily adjust and extend them to fit their unique needs. The accelerator can be integrated with existing alert monitoring and detection systems as well as Pega's Know Your Customer and Client Lifecycle Management solutions and other third-party systems and services.
Pega's low-code platform for AI-powered decisioning and workflow automation is trusted by the majority of the world's largest financial institutions. For more than 30 years, Pega has provided global financial institutions with case management, workflow automation, and customer risk solutions across KYC, AML, alert management, fraud, account opening, and client lifecycle management. Pega supports all types of financial institutions with pre-defined industry best practices across jurisdictions and lines of business.
PR Newswire | October 17, 2023
Glia, the customer interaction leader unifying Digital Customer Service (DCS), phone and automated self-service on a single platform, has partnered with Lumin Digital, the leader in cloud-native digital banking solutions, to streamline digital-first member service. Glia's DCS capabilities are now integrated into Lumin's online banking platform, enabling quicker, effortless member support.
Lumin Digital, a cloud-native digital banking platform, elevates financial institutions' user experiences to match larger institutions and deliver the modern banking experiences that today's users expect. With a focus on service, user experience, safety, and security through advanced automation, Lumin Digital enhances engagement by offering personalized recommendations in spending insights, financial advice, fraud alerts, and savings goals. Lumin enables banks and credit unions to provide real-time updates and value-added features supported by a dedicated team of industry experts, designers, and developers.
Pre-integration of the Glia Interaction Platform within Lumin's digital banking offering enables a seamless digital-first customer experience across all channels—SMS, chat, voice and video—without breaking the digital connection. Online collaboration tools, including CoBrowsing, allow financial institutions to guide customers, improve satisfaction and build loyalty for banks and credit unions.
At Lumin, we believe that technology should be built for, not to replace, the human connection, said Sean Weadock, Chief Product Officer at Lumin. Glia's robust service and support tools squarely align with that philosophy, enabling credit unions to leverage digital-first technology to maximize meaningful human conversations and reach quicker resolution. This partnership will empower banks and credit unions to deliver a unified approach to member service across all channels, boosting efficiency, revenue and loyalty.
"The combined services of Lumin's digital banking platform and Glia allow Ascend to continually meet the ever-evolving needs of our members," said Matt Jernigan, President and CEO at Ascend Federal Credit Union. "Through this partnership, our members can seamlessly manage their funds and monitor their overall financial health using secure, reliable, and innovative technology."
The integration within Lumin's online banking platform overcomes silos and fragmented solutions, providing a frictionless experience for members, agents and managers. Members benefit from real-time guidance, accelerated interactions and improved satisfaction. Glia and Lumin already have 15 mutual credit union clients.
"We live in an always-on world where interactions are expected to happen on screen, on demand and on point," said Steve Kaish, SVP of Alliances at Glia. "Our commitment to delivering the right interaction at the right time aligns with Lumin's dedication to delivering exceptional member experiences, and we are excited to provide credit unions with the tools needed to optimize their member interaction strategies for today and beyond."
Glia and Lumin will be at the Jack Henry Connect conference next week. See Glia at booth 1009 and Lumin at booth 333.
About Lumin Digital
Lumin Digital is a fintech company specializing in digital banking solutions. Through a fundamentally different approach to technology, service, and people, the company provides financial institutions with a best-in-class, cloud-native platform that drives consumer adoption, engagement, and growth. For more information, visit lumindigital.com.
Glia redefines how businesses interact with customers. The Glia Interaction Platform unifies Digital Customer Service (DCS), traditional call center, and automation with a ChannelLess™ Architecture, empowering businesses to create the ideal mix of interactions and adapt on demand. The ability to easily shift volume between channels drives revenue, efficiency, and loyalty at the same time.
Glia has partnered with over 450 banks, credit unions, insurance companies and other financial institutions worldwide to improve the customer experience and drive business results. Named a Deloitte Technology Fast 500™ company and a Great Place to Work for a third year in a row, the company has raised over $150 million in funding from top investors and was recently valued at over $1B by top tier investors. To learn more visit glia.com.
PR Newswire | October 23, 2023
Finastra, a global provider of financial software applications and marketplaces, is partnering with ELCY, a specialist in e-commerce solutions for the processing of international trade finance, to provide a trade finance solution for corporates.
The Corporate Trade Finance Portal from Finastra and ELCY will enable corporates to communicate in a secure and authenticated manner with all their banks through one centralized platform. As a result, corporates will benefit from greater visibility and real-time control of all trade finance exposures across their organizations. The transition away from the complexity of connecting to multiple bank proprietary systems and the removal of inefficient paper-based processes will also deliver significant cost and efficiency savings.
Finastra is thrilled to build on our long-term relationship with ELCY through a global collaboration that creates immediate value for both parties, said Jaime Lynn, Vice President, Enterprise Solutions, Finastra. ELCY brings a wealth of expertise in meeting the trade finance needs of corporates, while Finastra meets the end-to-end digitization needs of banks focused on international trade and supply chain finance. Our close collaboration with ELCY expands our suite of solutions for corporates, enabling them to connect to all banks supplying them trade finance through a single portal. Corporate users benefit from much greater visibility and control in managing their cash flow and trade finance exposures and in reducing risk.
Robin Cohen, Chief Executive Officer, ELCY added: "Our partnership with Finastra will further increase our visibility and reach in the market, helping us deliver the benefits of our multi-bank portal solution to corporates globally. Customers using our joint Corporate Trade Finance Portal will be equipped to communicate seamlessly, both on the import and export side, with any SWIFT-enabled bank in the world to manage their day-to-day trade finance processing. All instructions or messages sent through the portal can be tailored to conform with the message type preferred by the bank in question. Furthermore, the portal includes extensive modular functionality enabling corporates to monitor counterparty and bank exposure, manage global bank limits and provide reports for credit and treasury departments all in real time."
The Corporate Trade Finance Portal is available as a cloud-based, multi-tenant SaaS solution meaning no software installation is required on site and all users benefit from the ability to adapt quickly to new market requirements through centrally-managed software upgrades.