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Pega Foundation for Financial Services features

Updated on April 26, 2021

Pega Foundation for Financial Services provides a rich set of features designed to enhance the customer experience, improve user productivity and increase customer satisfaction.

Pega Foundation for Financial Services Product Overview Pega Foundation for Financial Services Product Overview Pega Foundation for Financial Services Product Overview Pega Foundation for Financial Services Product Overview Pega Foundation for Financial Services Product Overview Pega Foundation for Financial Services Product Overview Pega Foundation for Financial Services Product Overview Pega Foundation for Financial Services Product Overview

This section describes key capabilities and features of the application that you can use as-is or extend to meet your business needs.

Search and composite view

Pega Foundation for Financial Services can help your customers achieve their desired goal quickly and with minimal steps, ensuring that they complete the interaction positively and with great satisfaction.

Because searching for an individual or organization is a common activity, a set of interfaces is built within Pega Foundation for Financial Services that enables you to:

  • Update information, such as addresses, communication preferences, customer details, financial details, travel notifications, automated payment details, and beneficiaries.
  • Manage, create, or associate existing related parties and account relationships.
  • Define a variety of customer’s financial goals and track progress, showing summary results on the customer composite view.
  • See the customer’s risk profile and edit where appropriate.
  • View compliance assessments and enriched data from external business services.
  • See composite views that are tailored to support organizations and individuals.

Determining entity risk

The Risk Assessment is a declarative network that tracks a wide range of data elements that impact the customer risk. One or more elements are linked to a single risk factor such as Product, Country, or Related Parties. These lower level risk factors roll up to a single overall risk for the entity.

The application includes customer risk scores for both Individuals and Organizations and are leveraged by the client life-cycle management applications in determining document requirements.

Information providers

Enriching customer and company data from third-party providers enable financial services organizations many benefits including more efficiently managing credit decisions, verifying identity, increasing fraud awareness, providing more targeted and personalized cross-sell and upsell strategies, and optimizing collections treatments.

Pega’s ecosystem of pre-built connections to providers are available on Pega Exchange and can be incorporated into Pega Foundation for Financial Services using a centralized set of objects.

The following are the pre-built connectors currently available from Pega Marketplace and have pre-built configurations with the Foundation for Financial Services centralized Business Service.

Service ProvidedProvider Name
Screening of OrganizationsRefinitiv World-Check One
Enrichment of OrganizationsDun & Bradstreet Direct API
Enrichment of OrganizationsIHS Markit
Enrichment of OrganizationsRefinitiv AVOX Legal Entity
Enrichment of OrganizationsSWIFT KYC
Credit Profile of IndividualsEquifax InterConnect

For more information on configuring these integrations, see the Pega Foundation for Financial Services product page.

Onboard contracting party requirements

Requirements are used to help organizations manage multi-stage, complex document and requirement collection processes.

  • Enables you to upload any required supporting documents as determined by the financial services application logic.
  • Provides an interface for you to review, manage, and approve user documents.

For more information on configuring the requirement functionality as a user or developer, see the Pega Foundation for Financial Services product page.

Financial accounting

Financial institutions need to track the transactions customers are performing, so Pega has built robust sub-ledger accounting that includes suspense and adjustment accounting, write-off management, multi- level verification, correspondence generation. The application tracks any changes to these accounting functions.

For more information on configuring the accounting functionality, see the Pega Foundation for Financial Services product page.

Operational and product structures

You can create your organization’s multi-level operational and product structures and easily generate the appropriate workgroups and workbaskets at the desired levels.

  • Sales or onboarding are more efficient by only showing the appropriate list of products based on inclusion and exclusion logic that is created during the product design.
  • If upgrading from a prior release, previously created workbaskets and workgroups can be used by the enhanced operational structure.
  • Sample operational structures called PegaBank and Uplus Financial Services are provided along with a sample Uplus Financial Services product structure.

Financial services data

Pega provides a comprehensive suite of adapters that enable Pega applications to fit seamlessly into your technology ecosystem. Pega supports transport or protocol-level adaptors with form-based integration options, so that no custom code is required to connect to an external system. Pega Live Data simplifies using data in business processes by delivering the right data, in the right place, at the right time. Data requests are managed behind the scenes so that data flows to the right process steps. It is easy to change and adapt for new data sources and new applications, making it available across all your Pega applications.

The customer journeys within Pega’s Financial Services applications utilize an extensive set of financial and reference information, much of which will reside in your own systems of record. You decide which data should reside in Pega and which to reference from your existing sources.

More than 80 data classes have been defined for commonly referenced financial objects like customers, accounts, transactions, classifications, relationships, and so on. The data model forms the enterprise backbone for all Pega financial services applications and supports most business functions in financial organizations.

  • Previous topic Pega Foundation for Financial Services 8.7 product overview
  • Next topic Roles, portals, and dashboards in Pega Foundation for Financial Services

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