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Image-based Exceptions Management Solution For All Payment Types To Help Increase Productivity Across Departments

CAMBRIDGE, Mass., October 7, 2003 — Pegasystems Inc. (NASDAQ: PEGA), a leader in rules-based, smart business process management (BPM) software, today announced the general availability of PegaPAYMENT™ Smart Adjust™ 3.1, a rules-based, image-enabled solution that provides integrated research and adjustment capabilities across multiple payment types. With a comprehensive set of pre-packaged business processes that automate nearly all error types, Smart Adjust enables financial services organisations to increase their productivity and bridge operational silos.

Integrated with an extensible transaction and records database, Smart Adjust is a comprehensive solution for handling payment forms including check, ACH, ATM and PIN-based debit. Smart Adjust manages processes of inquiry, research and adjustments for all payment types, providing a solution that can span departments and significantly improve productivity across payment operations.

Built on Pegasystems’ sophisticated rules engine, Smart Adjust can increase the number of cases that are processed straight through because the rules engine automates research and decision-making, enabling the operator to complete cases with as little manual entry as possible. Because documents and images are stored electronically with each case, a paperless environment can be created and maintained. Best business practices are embedded throughout application flows, and the flexibility of the rules engine allows business users to quickly and easily change the workflows without IT involvement, enabling organisations to expand and extend their system and adapt to changing business conditions.

PegaPAYMENT Smart Adjust is an evolution of technology that has helped top-tier banks achieve proven results for the past 20 years, helping them to significantly reduce write-offs and debit suspense levels through better control and more efficient processing, resulting in a rapid return on investment. Developed in Java with a Web browser interface, Smart Adjust is designed for easy deployment, access by multiple departments and rapid service fulfillment for branches, contact centres and corporate customers. The result is an enterprise-wide platform that makes use of IT investments, brings fulfillment of customer service issues to the point of contact and allows for ongoing change. The user interface and functionality can be tailored to, and embedded in, existing browser-based applications, providing specific capabilities to individuals throughout the extended organisation. Smart Adjust equally provides management visibility and control for role-based authorisation, review
and reporting.

“Organisations need to prepare for the imminent passage of Check 21 while managing the growth of electronic payments,” said Henry Ancona, president and COO, Pegasystems. “PegaPAYMENT Smart Adjust is fully image-enabled and extends from the customer service centre to the back office for streamlined enterprise research and adjustments across payment types. With Smart Adjust, organisations can significantly increase their productivity across traditional operations silos and help provide more rapid issue resolution for customers.”


About Pegasystems

Pegasystems Inc (NASDAQ: PEGA) provides rules-based, smart business process management (BPM) software to large organisations, helping to deliver increased ROI and providing them with the flexibility and agility to respond to changing business needs. With annualised revenues of approximately 0 million and a blue-chip customer base, the company offers applications for the financial services, healthcare, insurance and government markets, as well as a cross-industry BPM application. Pegasystems is headquartered in Cambridge, Mass., and has regional offices in North America, Europe and the Pacific Rim. For more information, visit

For information, contact:

Alex Crawshaw

Pirate Communications

+44 (0)20 7760 7050

Julia Purdy

Pegasystems Inc.

(617) 374-9600, ext. 6365

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Forward-Looking Statements

Certain statements contained in this press release may be construed as “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “hope,” “anticipate,” “plan” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. The company does not undertake and specifically disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These statements are based on current expectations and assumptions and involve various risks and uncertainties, which could cause the Company's actual results to differ from those expressed in such forward-looking statements. These risks and uncertainties include impact of pending regulatory proceedings, difficulty in predicting the completion of product implementations and consequently the timing of revenue recognition, the inability to attract and retain key employees, reliance on key third-party relationships, management of the Company’s growth, and other risks and uncertainties. Further information regarding these and other factors which could cause the Company’s actual results to differ materially from any forward-looking statements contained in this press release is contained in the Company’s Quarterly Report on Form 10Q for the quarter ended June 30, 2003 on file with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on such forward-looking statements and there are no assurances that the matters contained in such statements will be achieved.

NOTE: Pegasystems is a registered trademark of Pegasystems Inc. Other product and company names may be trademarks of their respective owners.

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