Enhanced Investments - Financial Portal

Pega Helps Bavarian Government Provide Faster Relief to SMEs Following COVID-19 Outbreak

Published: 2020-04-14 13:00:00 ET

New solution to reduce strain on administrative staff and improve application processing times developed in just five days

CAMBRIDGE, Mass., April 14, 2020 /PRNewswire/ -- Pegasystems Inc. (NASDAQ: PEGA), the software company empowering digital transformation at the world's leading enterprises, has announced the development of a new application and process system for the Bavarian government to provide emergency COVID-19 financial aid to self-employed workers, farmers, and small to medium-sized companies. Hosted in secure, scalable data centers by T-Systems, the solution will allow those eligible for assistance to apply through an entirely digital process, which will accelerate the distribution of funds where they are most needed.

Pega worked alongside the Bavarian Ministry of Economic Affairs and T-Systems to develop the system in just five days. As of April 7, more than 108,500 Bavarian companies had already used the application to apply for assistance.

The solution, developed with the highly configurable low-code capabilities of the Pega Platform™, replaces the existing process, which required applicants to manually complete, scan, and email documents to the application centers. The new process lets applicants enter their data online, which allows administrators to review and approve claims far more quickly. Payment orders for successful applicants are then automatically forwarded to the relevant administrative staff of the Free State of Bavaria and the City of Munich, before a payment notification is generated and received by the approved self-employed workers, farmers, and businesses via email.

The system also allows government staff to access the application from their workstation at home – which would be problematic in the old manual system. In addition, it offers a statistical evaluation of the speed and efficiency of the application process, which will allow the ministry to refine and improve it further in the weeks ahead.

Applicants can access the solution here: https://www.stmwi.bayern.de/soforthilfe-corona/

Quotes & Commentary:"With this new online procedure, we will be able to speed up the processing of applications to the district governments and the state capital of Munich," said Hubert Aiwanger, Bavarian Minister of Economic Affairs. "I would like to thank Pegasystems and T-Systems for their extremely high level of commitment to helping self-employed workers, farmers, and businesses in need get the relief they need more quickly."

"The new system will save a lot of time," said Harald Esch, vice president and managing director, DACH, Pegasystems. "There are approximately 500 clerks within the ministry who were previously buried under a pile of time-consuming documents. Now, they can process applications much faster, providing applicants with the liquidity aid they need much more quickly."

"I'm proud of how quickly we were able to build this system," said Jörg Scholz, vice president public sales and head of IT business, T-Systems. "In just five days, including a weekend, to give self-employed workers, farmers, and small and medium-sized companies the financial support they need so urgently."

About Pega Pega is the leader in cloud software for customer engagement and operational excellence. The world's most recognized and successful brands rely on Pega's AI-powered software to optimize every customer interaction on any channel while ensuring their brand promises are kept. Pega's low-code application development platform allows enterprises to quickly build and evolve apps to meet their customer and employee needs and drive digital transformation on a global scale. For more than 35 years, Pega has enabled higher customer satisfaction, lower costs, and increased customer lifetime value. For more information on Pegasystems (NASDAQ: PEGA) visit www.pega.com.

Press Contact:Jon BrigdenPegasystems jon.brigden@pega.com Twitter: @pega

All trademarks are the property of their respective owners.

View original content to download multimedia:http://www.prnewswire.com/news-releases/pega-helps-bavarian-government-provide-faster-relief-to-smes-following-covid-19-outbreak-301039740.html

SOURCE Pegasystems Inc.

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.