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FOR IMMEDIATE RELEASE

Pegasystems’ Smart Investigate gives wholesale banks sweeping new control over investigation and exception processing

‘Smart’ end-to-end solution delivers greater intelligence and flexibility, for sustainable advantage

New proactive exception monitoring application improves operational control across departments


CAMBRIDGE, Mass., Oct. 11, 2004 – Pegasystems Inc. (NASDAQ: PEGA) today announced the release of PegaBANKING™ Smart Investigate™ 4.1 on the new PegaRULES Process Commander platform. Smart Investigate now automates investigation and exception processing for wholesale banks with even greater intelligence and flexibility, enabling banks to cut costs by processing more transactions automatically and reducing manual costs and errors. The application serves departments throughout the wholesale bank, including payments, treasury, securities, nostro reconciliation and other areas, allowing banks to utilise one solution across business lines.

Smart Investigate, the fourth generation of Pegasystems’ PegaINTEGRATED Investigations application, offers huge gains in operational efficiency and productivity, reducing the cost of processing an investigation by an average of 60 per cent. Utilising business-user-friendly rules, the application also reduces the risk resulting from inconsistent adherence to company policies. Line-of-business managers can easily control and change automated processes in Smart Investigate that enforce the organisation’s policies, while driving differentiated service to build stronger ties with the bank’s most valued customers. Smart Investigate’s PRPC foundation gives it enterprise scalability, enabling Smart Investigate to act as a single exception processing solution across departments and products at large financial institutions.

Pegasystems also announced today the release of PegaBANKING Smart Monitor™, a new application for improving operational insight and control across the banking enterprise. Smart Monitor utilises the business intelligence capabilities of Pega Quality & Exception Manager™ to provide a banking application tailored to the needs of operations managers. Smart Monitor delivers proactive monitoring and reporting of exceptions – such as transaction errors and risk and compliance issues – across lines of business. Enabling process improvement for increased efficiency and reduced risk, the application bridges operational silos and provides a real-time view of exceptions across both contemporary and legacy departmental exception handling systems.

With the release of Smart Investigate 4.1, Pegasystems now offers its entire suite of ‘smart’ exception processing applications on the PRPC V4 platform. PRPC enables large companies to respond to changing customer, market and competitive conditions by modifying and creating automated decision rules and processes in days, not months. Pegasystems provides rules-based exception processing applications for retail banking, wholesale banking and card issuers and acquirers.

New functionality in Smart Investigate
Smart Investigate offers a host of new features to improve the quality and efficiency of exception handling processes, including:
· Automated parsing of free-text messages for evaluating and routing free-text messages such as e-mails, SWIFT MTn99 messages and FedService messages. Smart Investigate identifies key phrases in free-text messages, extracts information such as amounts and dates, automatically creates and populates cases and initiates the appropriate resolution procedures. Banks can further customise the parsing function in order to continuously increase their rates of straight-through processing (STP) of inbound messages.

· Rules-based guided processing that takes users step-by-step through the entire process of researching and resolving complex exception cases. Guided processing enables banks to enforce consistent exception handling, eliminating the uneven quality permitted by systems that force users to hunt for information without clearly delineated processes. This capability also minimises training time for new staff and allows investigators to switch between groups as necessary, because specific case handling knowledge is now encapsulated in the system, rather than required of the user.

· Customer self-service and integration with existing customer service systems. Financial institutions can embed Smart Investigate in any web-based application from corporate self-service websites to customer service at branch offices and correspondent banks, with role-appropriate slices of functionality offered to each type of user. Smart Investigate can also integrate with banks’ existing customer relationship management (CRM) and customer service applications to provide service through those applications’ user interfaces, using web services standards. Pegasystems customers have reduced incoming inquiry volumes by as much as 85 per cent by offering self-service options such as transaction searches, inquiry initiation and status updates on existing cases.

“We’ve constantly refined Smart Investigate over its long and successful history, but this might be our biggest advance yet,” said Pegasystems CEO Alan Trefler. “Smart Investigate’s increased intelligence and flexibility allow banks to control investigation automation at an enterprise level while maintaining all the specialisation required by individual departments. Smart Investigate further improves on the deep expertise in financial services exception management that has made Pegasystems an industry leader.”

Pegasystems will demonstrate PegaBANKING Smart Investigate and PegaBANKING Smart Monitor at the Sibos financial services trade show in Atlanta, Oct. 11-15.

About Pegasystems
Pegasystems Inc. (NASDAQ: PEGA) provides rules-based, smart business process management (BPM) software to large organisations, helping to deliver significant ROI and providing them with the flexibility and agility to respond to changing business needs. 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 www.pega.com.

For information, contact:

Jeremy Payne
Pegasystems Europe
+44 118 965 1641
jeremy.payne@pega.com

Alex Crawshaw
Pirate Communications
+44 (0)20 7760 7050
alex@piratecomms.com

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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 including, without limitation, our financial guidance with respect to 2004 revenue, profit before tax, tax rate, earnings per share and cash from operating activities. The words “believe,” “expect,” “hope,” “anticipate,” “plan” and similar expressions, among others, 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 in
clude volatility of our quarterly operating results, difficulty in predicting the completion of product implementations and consequently the timing of our license revenue recognition, the timing of term software license renewals, customer acceptance of our new PegaRULES Process Commander technology, our ability to develop new products and evolve existing ones, the impact on our business of the ongoing consolidation in the financial services market, historically our core market, our ability to attract and retain key employees, reliance on certain key third-party relationships, 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 most recent report on form 10-K and other recent filings on file with the Securities and Exchange Commission. The forward-looking statements contain
ed in this press release represent the Company’s views as of October 11, 2004. 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. Although subsequent events may cause the Company’s view to change, the Company does not undertake and specifically disclaims any obligation to publicly update or revise these forward-looking statements, whether as the result of new information, future events or otherwise. The statements should therefore not be relied upon as representing the Company’s view as of any date subsequent to the date of this release.

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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