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
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...