Pegasystems, a provider of Business Process Management (BPM) software, announced its new Financial Crimes Management Framework with SmartTriage capability.

The solution is designed to enhance the ability of organizations to manage alerts across lines of business and disparate systems in order to automatically identify critical breaches and reduce the processing of false positives, Pegasystems said in a release.

Its SmartTriage capability enables institutions to automatically identify, manage and reduce the increasing number of false positives generated through disparate suspicious activity monitoring, anti-money laundering, sanctions filtering and fraud detection systems simultaneously.

This ensures full internal control, auditable processes, and regulatory compliance via real-time reporting, the Cambridge, MA-based vendor added.

The solution can be extended and customized in line with each customer's operations and existing processes relating to the type and identification of risk, products, and customers.

It can also tie together disparate detection systems for a more comprehensive view of potential alerts, improve the operational efficiency of alerts management processes by up to 60 percent, and also deliver significant cost savings back to the organization, according to Pegasystems.

"In offering an increasing number of products and services with customers across multiple channels, banks and other financial institutions today operate under unprecedented regulatory supervision in the areas of risk, fraud, and compliance, presenting a huge challenge," said Reetu Khosla, director of Financial Crime Solutions for Pegasystems.

"Until now, they have had to manage and investigate thousands of alerts generated every day using manual processes. This approach is a costly and inefficient response, especially as fewer than five percent of alerts are ultimately true hits."