Pega Foundation for Financial Services Product Overview · Pega is recognized by leading analyst...

Pega Foundation for Financial Services

PRODUCT OVERVIEW 7.32

© 2017 Pegasystems Inc., Cambridge, MA

All rights reserved.

Trademarks

For Pegasystems Inc. trademarks and registered trademarks, all rights reserved. All other trademarks or service marks are property of their respective holders.

For information about the third-party software that is delivered with the product, refer to the third-party license file on your installation media that is specific to your release.

Notices

This publication describes and/or represents products and services of Pegasystems Inc. It may contain trade secrets and proprietary information that are protected by various federal, state, and international laws, and distributed under licenses restricting their use, copying, modification, distribution, or transmittal in any form without prior written authorization of Pegasystems Inc.

This publication is current as of the date of publication only. Changes to the publication may be made from time to time at the discretion of Pegasystems Inc. This publication remains the property of Pegasystems Inc. and must be returned to it upon request. This publication does not imply any commitment to offer or deliver the products or services described herein.

This publication may include references to Pegasystems Inc. product features that have not been licensed by you or your company. If you have questions about whether a particular capability is included in your installation, please consult your Pegasystems Inc. services consultant.

Although Pegasystems Inc. strives for accuracy in its publications, any publication may contain inaccuracies or typographical errors, as well as technical inaccuracies. Pegasystems Inc. shall not be liable for technical or editorial errors or omissions contained herein. Pegasystems Inc. may make improvements and/or changes to the publication at any time without notice.

Any references in this publication to non-Pegasystems websites are provided for convenience only and do not serve as an endorsement of these websites. The materials at these websites are not part of the material for Pegasystems products, and use of those websites is at your own risk.

Information concerning non-Pegasystems products was obtained from the suppliers of those products, their publications, or other publicly available sources. Address questions about non-Pegasystems products to the suppliers of those products.

This publication may contain examples used in daily business operations that include the names of people, companies, products, and other third-party publications. Such examples are fictitious and any similarity to the names or other data used by an actual business enterprise or individual is coincidental.

This information is the property of:

Pegasystems Inc. One Rogers Street Cambridge, MA 02142-1209 USA Phone: (617) 374-9600 Fax: (617) 374-9620 www.pega.com

Pega Foundation for Financial Services

Document: Product Overview

Software Version: 7.32

Updated: November 2017

CONTENTS

Product overview ................................................................................................ 1 Manager tools .................................................................................................. 1

Operational structure landing page ........................................................... 1 Comprehensive audit trail and data tracking ............................................. 1 Reporting and analytics ............................................................................. 1 Role-based access .................................................................................... 2 Event-driven architecture .......................................................................... 2

Systems and environment ............................................................................... 2 Pega Cloud ................................................................................................ 2 Business rules ........................................................................................... 2 Case management .................................................................................... 2 Visual workflow .......................................................................................... 2 Situational Layer Cake .............................................................................. 3 Multiple language packs* .......................................................................... 3

Customer Journeys ............................................................................................ 4 Launch master profile ...................................................................................... 4 New personal loan ........................................................................................... 4 Review customer credit history ....................................................................... 4 Create household ............................................................................................ 4 Call Markit integration ...................................................................................... 4 Call D&B integration ........................................................................................ 4 Screening ........................................................................................................ 5

Features and Functionality of Pega Foundation for Financial Services 7.32 6 Search and Customer Information .................................................................. 6 Product and Onboarding Requirements .......................................................... 8 Financial Accounting ....................................................................................... 9 Operational and product structures ............................................................... 10 eScreening .................................................................................................... 11 Determining Customer Risk .......................................................................... 11 Financial Services data ................................................................................. 12 Managing sample data .................................................................................. 15

Roles, portals, and dashboards ....................................................................... 17 Case Worker Portal ....................................................................................... 17 Case Manager Portal .................................................................................... 17 Business Analyst Portal ................................................................................. 18

Further reading .................................................................................................. 19

Visit the PDN ................................................................................................. 19 Visit the Mesh page ....................................................................................... 19

Pega Foundation for Financial Services Product Overview 1

Pega’s Foundation for Financial Services provides capabilities to Pega’s CRM and CLM financial services applications. Maximizing reuse across the applications provides “change once, change everywhere” capabilities, and means that you can achieve rapid time-to-market and reduce maintenance.

As this diagram illustrates, all of the financial services applications can use Pega’s Foundation for Financial Services to transform your customer journey from end-to-end.

Manager tools Operational structure landing page Pega Foundation for Financial Services provides an easy-to-use tool to define the operational taxonomy of financial services institutions. Configuring the taxonomy enables you to build a full operational chart with the necessary access groups, work queues, and departments to drive, route, and manage work.

Comprehensive audit trail and data tracking An operators actions are automatically tracked during their work. Case narratives and case histories provide clear insight into which actions were taken as part of the customer journey. When configured, any item of data can be tracked, including important metadata around source of change, time, and where appropriate manual comments. A data auditing tool allows exploration of the history of any piece of data being tracked, available directly from the summary screen for the customer.

Reporting and analytics A wide variety of standard reports and graphs are included, providing real-time information about processes, work, assignments, and historical data that customers use to analyze their users’ performance. Powerful, drill-down analysis capabilities enable you to travel from a summary view of your entire operation down to the details of a single onboarding case.

Product overview


TITLE of INTERNAL DOCUMENT – Arial Bold 12 pt

Role-based access Managers can control access to the application, specific features, and data elements, using a combination of configurable roles and privileges. Authorized users can easily configure dialogs, coaching tips, and expert skills for service requests. These system tools are immediately available to users as allowed by their permissions.

Event-driven architecture Pega’s Foundation for Financial Services provides an Event Driven Architecture that facilitates the creation, detection, consumption and reaction to events. Example events are an expiry identification document, the need for periodic due diligence review or a customer data change that may be material or not. All of these events can be detected and the system carry out the necessary customer journeys to allow ongoing compliance.

Systems and environment Pega Cloud Pega Foundation for Financial Services is available on Pega Cloud as well as on-premises.

Pega Cloud provides industry-leading infrastructure, enterprise-grade services, and operational excellence. Pega Cloud allows Pega Foundation for Financial Services customers to realize a faster time-to-value for your Pega investments and take advantage of the complete range of Pega Cloud services, from development and testing sandbox environments to fully managed production environments. You can even migrate applications from the cloud to your data centers as needed.

Business rules Pega’s Business Process Management (BPM) streamlines your operations so you can reduce costs and improve business agility. Pega is recognized by leading analyst firms as the most comprehensive and unified BPM platform. Rules and processes automatically resolve work wherever possible.

Case management Pega’s industry-leading case management helps you simplify and automate work. Case management helps you keep your promise to your customers, connecting all the people and systems required to resolve each customer inquiry. It tracks related information, automates and assigns outstanding tasks, and connects front- and back-office activity, for end-to-end resolution.

Visual workflow Pega’s Directly Capture Objectives (DCO) visual tools capture every aspect of how work gets done, including processes, user interface and rule creation, and integration. You can easily configure workflows using Pega’s process modeler by dragging and dropping from a library of smart shapes. You can quickly add new service requests, which automatically creates the infrastructure that Pega Customer Lifecycle Management requires. You can translate business requirements into finished applications without manual programming, reducing implementation time and bridging the gap between technical and business resources.


TITLE of INTERNAL DOCUMENT – Arial Bold 12 pt

Situational Layer Cake With Pega’s Situational Layer Cake, you can automatically tailor applications to the business context in which they operate. Variation of scale is all handled in one version of the application, using a coherent, layered architecture. Pega efficiently delivers repeatable, differentiated solutions by re-using common policies and procedures in multiple business units, channels, geographies, and customer segments.

Multiple language packs* Language packs support localization of applications through use of translated field values for buttons, prompts, and labels.

*Optional feature. Additional license fees may apply.


Pega has built sample journeys or parts of journeys in Pega’s Foundation for Financial Services that demonstrate its functionality that will be extended within Pega’s financial services applications. You can access the journeys by logging into the Case Manager or Case Worker portals and selecting New.

Launch master profile The application provides a demonstration of a centralized place for containing all of a customer’s data used in the onboarding process by the Pega Customer Lifecycle Management for Financial Services and Pega Know Your Customer for Financial Services application.

New personal loan The application provides a demonstration of the Requirements capabilities through creating a loan application. This process identifies the appropriate Requirements Sets and Requirements (i.e., documents) to support the loan application. The documents are then uploaded, verified, and the Requirement sets are completed allowing the application to progress.

Review customer credit history The application provides a sample credit history call to one of our third party integrations. In this case we are calling the Equifax Interconnect Service, which can return multiple types of data to support your processing needs. This service requires a contract between you the customer and Equifax enabling the required components of the Interconnect Service.

Create household This application supports the creation of households. It groups contacts into households and consolidates financial details to get a picture of the customer so that marketing and sales applications can better suggest products that fit the household’s needs.

Call Markit integration The application provides a sample call to IHS Markit to provide report details supporting the Pega Customer Lifecycle Management for Financial Services application so as to better understand the customer and their risk before onboarding them as a client.

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

Call D&B integration The application provides a sample call to Dun & Bradstreet to provide report details supporting the Pega Customer Lifecycle Management for Financial Services application so as to better understand the customer and their risk before onboarding them as a client.

Customer Journeys

https://pdn.pega.com/products/financial-services-industry-foundation


TITLE of INTERNAL DOCUMENT – Arial Bold 12


Screening The application provides a sample call to Thomson Reuters World-Check supporting Pega Customer Lifecycle Management for Financial Services and Pega Know Your Customer for Financial Services applications and retrieves risk information about submitted customer.





Pega’s Foundation for Financial Services consolidates the references to commonly used information, providing consistency across applications that support an organization’s multiple lines of business and operational areas so hand-offs between departments can be streamlined and tracked. A good example is the customer master profile that includes extensive contact information, risk profiling, compliance elements, jurisdictional elements, financial goals, products as well as relevant related parties.

The major features of the application include:

Search and Customer Information Because searching for an individual or organization is a common activity, a set of interfaces have been built within Pega’s Foundation for Financial Services.

A search begins by entering any known information about the customer or prospect:

Select ‘service customer’ to see an extensive composite view of the customer or organization you are interested in. Information includes accounts, credit cards, documents, products, related parties, recent transactions, as well as goals.

While on the composite view, you can also:

See the customer’s risk profile and edit where appropriate.

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.

Features and Functionality of Pega Foundation for Financial Services 7.32



Define a variety of customer’s financial goals and track progress, showing summary results on the customer composite view:

View compliance assessments and enriched data the external business service provide.

You can see these in this example of a composite view for an individual:



And because different information is important for organizations Pega has built a different composite view for organizations as seen here:

Product and Onboarding 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.



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, and tracks changes.

To help show these features, a demonstration of the accounting capabilities is included. Click New and then select ‘Create new accounting’:



Operational and product structures You can create your organization’s operational structure even if it has many levels 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 leveraged by the enhanced operational structure.

The application provides sample operational structures called PegaBank and Uplus Financial Services as well as a sample Uplus Financial Services product structure.



eScreening The eScreening business service allows for third-party providers of screening services to be utilized to better understand the customer or prospect. To improve your time to market, Pega’s Foundation for Financial Services provides connectors to 4 prominent providers. These services and mappings can be replaced if different third party services are required and in many cases, licenses for these services are required from the provider.

Equifax's service can highlight any matches to the US government's Office of Foreign Asset Control (OFAC) database. Thomson Reuter's World Check API uses data to screen for heightened risk individuals and entities globally, and to uncover hidden risks in business relationships and human networks. Markit provides detailed customer information to support the onboarding process. Dun & Bradstreet provides additional company details to help automated and manual Decisioning processes.

Determining Customer Risk The Customer 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 factors such as Product, Country, or Related Parties. These lower level risk factors roll up to a single overall risk for the customer.



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 CRM and CLM applications utilize an extensive set of financial and reference information, much of which will reside 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, etc. The data model forms the enterprise backbone for all Pega financial services applications and supports most business functions in financial organizations.



PegaFS-Data-BusRelationship

Combines FI operational information, key parties and their related parties into a unique Business Relationship of Commercial or Retail type. e.g. B2C, (Retail Loan), B2B2B (Fund)

PegaFS-Data-PartyPartyXRef

Relationship and role codes between two parties (Org/Ind) e.g. UBO, AUC, FMS

These parties can be related to key parties in a Business Relationship

PegaFS-Data-ContactChannel

Contact information for a party

Address, Email, Social Media, Phone, Fax, Website

PegaFS-Data-Investment Position/Security

Information related to investmements. Also includes separate class for Market data

PegaFS-Data-Party-

Stores key party information

Specialized by Individual and Org. Org contains subtypes Bank, Merchant and Fund

PegaFS-Data-BusLine

Business Line of the FI offering products to be onboarded.

E.g. Global Markets, Commercial Banking

PegaFS-Data-BookingLocation

Location in which products and customers are being onboarded.

E.g. London, New York

PegaFS-Data-ProductMatrix

List of Product and associated details. Works in conjunction with inclusion and exclusion lists to map product availability

PegaFS-Data-Account

Key Account information

Specialized by Loan, Deposit, Investment and Card

PegaFS-Data-Transaction

Key Transaction information

Specialized by Loan, Deposit (ACH), Investment and Card (Amex/MC/Visa)

Customer Accounts and Transactions

BusRelPartyXRef

Complete Party information

PartyPartyXRef

PegaFS-Data-BusRelPartyXRef

Key parties and their role in the business relationship

e.g. Root Holder, Fund Manager, Principal

PegaFS-Data-PartyRelAttribType

Descriptions of attributes on Party to Party relationships (PartyPartyXRef) used to drive KYC and Onboarding flows

e.g. Ownership Percentage on a Ultimate Beneficial Owner role

PegaFS-Data-RelCodes

Relationship codes, descriptions and categories

e.g. Ultimate Beneficial Owner, Authorized Contact, Spouse

PegaFS-Data-Assets PegaFS-Data-Liabilities

Assets (liquid/illiquid) and Liabilities for a given party

PegaFS-Data-Income PegaFS-Data-Expenses

Income and Expenses for given party

PegaFS-Data-SecurityQuestions

Security Questions for given party use to confirm identity

PegaFS-Data-EmploymentHistory

A party’s employment history

Important Cross References and Codes/Attributes

Core Party and Business Relationship

Information

Financial Institution Operational Structure

Accounts and Transactions

PegaFS-Data-Collateral

A party’s loan collateral information

PegaFS-Data-PartyRelAttrib

Values of attributes on Party to Party Relationships.e.g. Ownership Percentages of Relationship of type UBO between these two parties is X%

Optional additional levels in the FI’s Operational structure. e.g. Business Region, Country, State etc.

NOTE: These levels are keyed in PegaFS-Data-BookingLocation

PegaFS-Data-AlternateName

Stores alternate names that the entity may trade as

e.g. Pega or PegaSystems

PegaFS-Data-AlternateID

Store IDs that uniquely identify this entity in other systems (internal or external)

E.g. D&B DUNS Number

PegaFS-Data-CounterPartyClass

Class of Counter Party engaging the Financial Institution in a business relationship

e,g,Private Client, Public Sector

PegaFS-Data-CustomerMasterProExt

Handles mapping of customer classes data to Customer Master Profile data classes via Dynamic Class Referencing

PegaFS-Data-CustSegment

Segments of customer base used to drive prioritization of work

E.g. Tier 1Tier 2

PegaFS-Data-Exchange

Stock & Capital Markets Exchanges with the Financial Institutions' degree of trust in themE.g. USNYSE, GBLSE

PegaFS-Data-Industry... (GICS Codes)

Global Industry Classification Standard codes. Four classes for Sector, Industry Group, Industry and Sub Industry

PegaFS-Data-Regulator

Financial Regulator Institutions with the Financial Institutions' degree of trust in them

E.g. USNYSE, GBLSE

PegaFS-Data-CounterPartyType

Type of Counter Party engaging the Financial Institution in a business relationship

e,g. Central Govt, Local Govt.

PegaFS-Data-AppExtension

Handles mapping of customer classes data to core FSIF data classes via Dynamic Class Referencing

Market Standards and Segmentation

Master Profile and DCR

PegaFS-Data-MasterProfile

Handles mapping of customer classes data to Customer Master Profile data classes via Dynamic Class Referencing

PegaFS-Data-BusCode

List of business codes permissible that an organization can be mapped to. Used to drive risk.

PegaFS-Data-ExtProvider-Markit

Class for handling data from third party Markit API



The following provides some of the key objects used in the application with their respective Data Pages. You can use the Data Explorer in the Designer Studio to review all the application’s Data Pages.

Object type Description Party An organization, individual, or fund representing an onboarding journey as a customer, contact, or

prospect, and fund. Contact channel Key contact information about the party such as addresses, phone numbers, and social media

handles. Card account Credit card account details associated to an organization or individual. General card transactions

Credit and debit card transaction details.

Deposit account Deposit account details associated to an organization or individual. General deposit transactions

Deposit account transaction details.

Investment account Investment account details associated to an organization or individual. Investment market details

Current position of securities and markets.

Investment position Current investment position for each of the securities associated with a customer’s investment account.

Investment security Static investment security details.



Object type Description Investment transaction Investment account transaction details. Loan account Loan account details associated to an organization or individual. Loan transaction Loan transaction details. Product matrix Product list supporting sales, marketing, onboarding, and service. Relationship codes Relationship details defined by the party to party cross reference. Household Household relationships and associated financial details to be used to provide advice or sales

offers that best match the household’s goals. Income Income details associated with the organization or individual. Expenses Expense details associated with the organization or individual. Illiquid asset Illiquid asset details associated with the organization or individual. Internal illiquid assets are

represented by the accounts held within the institution while external illiquid assets are those held with other institutions.

Liquid assets Liquid asset details associated with the organization or individual. Internal liquid assets are represented by the accounts held within the institution while external liquid assets are those held with other institutions.

Liabilities Liabilities associated with the organization or individual. Internal liabilities are represented by the accounts held within the institution while external liabilities are those held with other institutions.

Beneficiary Beneficiary details associated directly with account so that each account may have different beneficiaries defined.

Travel information Travel details to support servicing operations including fraud and disputes. Automated payment details

Automated payment details for credit card and loan accounts.

Party to party cross reference

Links organizations and individuals to other organization and individuals with specific relationship codes.

Account cross reference

Links the account to the organization or individual.

Account to operator cross reference

Links the account to an owner for servicing and sales relationships.

Customer master profile Work object details related to customers during the Onboarding process.

Managing sample data Pega provides a default reference sample database that is integrated within the Pega Foundation for Financial Services data model, as detailed below in the Data model section. You can add, modify, and delete sample data records, and clone or shift dates so that the sample data is relevant to your desired demonstration scenario.



You can see a tree-based visualization of the relationships between the different objects in the data model (such as customers, accounts, and transactions), providing an easy way to create and manage relationships.

A snapshot management interface enables you to save or restore sample data from a previously known state.

Sample customers, accounts, and transactions can be cloned and named to anyone you desire to assist with setting up the demonstration scenario.

Sample data dates can be shifted forward and backward in bulk through a single interface to make demonstrations easier.


By default, Pega provides many roles, portals, and dashboards for our Financial Services customers. These are designed specifically to meet the challenges financial organizations face.

These are the primary roles used to demonstrate the major features of the Pega Foundation for Financial Services:

Operator ID Access group Portal access [email protected] FSIFUser

PegaFSIFUser_Sample Case Worker

[email protected] FSIFManager PegaFSIFManager_Sample

Case Manager

[email protected] FSIFBusAnalyst Business Analyst (Manages Requirements) FSIFSYSADMIN PegaFSIF Developer in Designer Studio

Case Worker Portal When you log in with case worker access, you see the ordered assignments and tasks to which you should respond in the order of urgency. With sample data installed, Julian Weekes is a case worker. Below is a representation of the case worker portal that Julian sees when he logs in.

Case Manager Portal When you log in as a case manager, you see sections showing a prioritized list of open cases, team members, and work queues. You can customize the layout according to which sections are most important to you.

Roles, portals, and dashboards



Business Analyst Portal In the Foundation for Financial Services, the business analyst manages the documents that are required to sell products to customers and organizations. So logging in as a business analyst, you see sections that organize the document requirements in a variety of ways. You can create new documents and associate them with product, or do the same for existing documents.


Visit the PDN For release notes and product guides, see the Pega Foundation for Financial Services product page.

Visit the Mesh page To engage in the community discussions and share knowledge, go to the product mesh page here.

Further reading



https://mesh.pega.com/community/financialservicesapplicationsenablement/financialservicesindustryfoundationenablement

Date post:	01-Oct-2020
Category:	Documents
Upload:	others
View:	3 times
Download:	1 times

Pega Foundation for Financial Services Product Overview · Pega is recognized by leading analyst...

Documents