Welcome!

News Feed Item

NICE Actimize Selected as "Best-in-Class" in Three of Four Categories in 2013 Know Your Customer Anti-Money Laundering Technology Analyst Report

CEB TowerGroup cited strengths that included compliance screening/ID verification, risk profiling and scoring and professional services capabilities

NEW YORK, January 23, 2014 /PRNewswire/ --

NICE Actimize, a NICE Systems (NASDAQ:NICE) business and the largest and broadest provider of a single financial crime, risk and compliance software platform for the financial services industry, announced that its Actimize Customer Due Diligence (CDD) solution, part of the company's Anti-Money Laundering Solutions suite, was selected as a "Best-in-Class" provider in three out of four categories, in CEB TowerGroup's "2013 Know Your Customer" (KYC) research report. NICE Actimize received its recognitions based on the analyst firm's five-point rating system across four product-related anatomy categories and 21 specific attributes.

"KYC and Customer Due Diligence is an integral component of an effective risk management program as it can protect financial institutions from doing business with high risk businesses and individuals," explains Andy Schmidt, Research Director, CEB TowerGroup. "Given the importance of this vital task and the sheer number of entities that need to be screened, leading financial institutions are seeking providers with robust, scalable capabilities that extend from initial screening and behavior modeling all the way to alerts and case management."

The three categories in which the NICE Actimize Customer Due Diligence solution received a "Best in Class" designation were for Initial Due Diligence, Compliance Operations and Enterprise Support. Among the attributes which were considered strengths for NICE Actimize in the Initial Due Diligence category were compliance screening/ID verification, risk profiling and risk scoring. In the Compliance Operations category, NICE Actimize was cited for technology architecture, compliance reporting, audit trail, case management and user interface capabilities. And in the Enterprise Support category, the firm strengths leading to a "Best-in-Class" designation included its professional services capability, product maturity, provider offering and stability, and its geographic cover in terms of both deployment and available "on ground" support.

As noted in the report, the Best-In-Class recognition continues a strong run for Actimize's products in financial crime and compliance-focused CEB TowerGroup technology analyses (i.e. Fraud and AML). In each case, Actimize was recognized as having a strong product set.

The report noted, "In the first two technology-specific categories the same attributes that gave the company's products such high scores in the other reports were also present here, namely design and configurability of the front-end user interface and workflow as well as the breadth and inventiveness of its underlying analytics. For Enterprise Support, CEB TowerGroup noted that the company's established history serving some of the most complex financial institutions globally and proven capability in implementing and maintaining its systems were attributes that merited high ratings."

"The Actimize CDD/KYC solution enables 'end-to-end' management and mitigation of customer risk from 'point-of-entry' to 'point-of-change' across the lifecycle of the customer," said Amir Orad, president and CEO, NICE Actimize. "Customers and regulators alike recognize the need to manage customer risk as a core and integrated part of an AML program. We continue to invest in technologies that broaden our CDD/KYC offering to help our customers operationalize 'end-to-end' customer risk."

The Actimize Customer Due Diligence (CDD) solution provides complete lifecycle assessment and re-assessment of customer risk as part of know your customer applicant on-boarding and ongoing customer due diligence processes. The solution streamlines money laundering risk assessment, improves customer understanding, and allows firms to better identify, manage and mitigate customer-related risk. With a proven, comprehensive solution, firms are able to reduce regulatory compliance costs, increase efficiency and effectiveness of anti-money laundering programs and minimize reputational and regulatory risk.

The research report noted that regulators are stepping up financial crime compliance. In the past 2 years, fines from the five largest cases involving breaches of anti-money laundering (AML) and customer due diligence (CDD) totaled more than $3 billion USD. Know Your Customer systems enable financial institutions to comply with due diligence requirements by verifying customers' identities and identifying potentially high risk customers so they can be subject to the appropriate amount of scrutiny as required by Enhanced Due Diligence (EDD) regulations.

For a complimentary download of the report, please go to: http://www.niceactimize.com/cebtowergroupkyc

About NICE Actimize

NICE Actimize is the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators. Consistently ranked as number one in the space, NICE Actimize experts apply innovative technology to protect institutions and safeguard consumers and investors assets by identifying financial crime, preventing fraud and providing regulatory compliance. The company provides real-time, cross-channel fraud prevention, anti-money laundering detection, and trading surveillance solutions that address such concerns as payment fraud, cybercrime, sanctions monitoring, market abuse, customer due diligence and insider trading. Find us at http://www.nice.com/actimize, @NICE_Actimize or NASDAQ:NICE.

About NICE Systems

NICE Systems (NASDAQ: NICE) is the worldwide leading provider of software solutions that enable organizations to take the next best action in order to improve customer experience and business results, ensure compliance, fight financial crime, and safeguard people and assets. NICE's solutions empower organizations to capture, analyze, and apply, in real time, insights from both structured and unstructured Big Data. This data comes from multiple sources, including phone calls, mobile apps, emails, chat, social media, video, and transactions. NICE solutions are used by over 25,000 organizations in more than 150 countries, including over 80 of the Fortune 100 companies. http://www.nice.com.

Trademark note: Actimize, the Actimize logo, NICE, and the NICE logo are trademarks or registered trademarks of NICE Systems. All other marks are trademarks of their respective owners. For a full list of NICE Systems' marks, please see: http://www.nice.com/nice-trademarks.

Technology Assessment Disclaimer

CEB does not endorse any vendor, product or service depicted in our CEB TowerGroup publications and does not advise technology users to select only those vendors rated "best in class." CEB TowerGroup research publications consist of the opinions of CEB TowerGroup's analysts and should not be construed as statements of fact. CEB disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Press Contacts:
Cindy Morgan-Olson
+1-212-851-8842
NICE Actimize
[email protected]

Investors:
Marty Cohen
+1-212-574-3635 (ET)
NICE Systems Ltd.
[email protected]

 

SOURCE NICE Systems Ltd.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"We do one of the best file systems in the world. We learned how to deal with Big Data many years ago and we implemented this knowledge into our software," explained Jakub Ratajczak, Business Development Manager at MooseFS, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
When applications are hosted on servers, they produce immense quantities of logging data. Quality engineers should verify that apps are producing log data that is existent, correct, consumable, and complete. Otherwise, apps in production are not easily monitored, have issues that are difficult to detect, and cannot be corrected quickly. Tom Chavez presents the four steps that quality engineers should include in every test plan for apps that produce log output or other machine data. Learn the ste...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Machine learning provides predictive models which a business can apply in countless ways to better understand its customers and operations. Since machine learning was first developed with flat, tabular data in mind, it is still not widely understood: when does it make sense to use graph databases and machine learning in combination? This talk tackles the question from two ends: classifying predictive analytics methods and assessing graph database attributes. It also examines the ongoing lifecycl...
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
Disruption, Innovation, Artificial Intelligence and Machine Learning, Leadership and Management hear these words all day every day... lofty goals but how do we make it real? Add to that, that simply put, people don't like change. But what if we could implement and utilize these enterprise tools in a fast and "Non-Disruptive" way, enabling us to glean insights about our business, identify and reduce exposure, risk and liability, and secure business continuity?
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
In this Women in Technology Power Panel at 15th Cloud Expo, moderated by Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, Esmeralda Swartz, CMO at MetraTech; Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems; Seema Jethani, Director of Product Management at Basho Technologies; Victoria Livschitz, CEO of Qubell Inc.; Anne Hungate, Senior Director of Software Quality at DIRECTV, discussed what path they took to find their spot within the tec...