Leading Research Firm Identifies Actimize, a NICE Company, as Only Anti-Financial Crime Vendor with ‘Core Offerings’ across All AML and Anti-Fraud Areas
Datamonitor Finds Evidence that Banks are Increasingly Seeking Enterprise View of Compliance and Fraud Risk
New York - Actimize, a leading provider of transactional risk management software for the financial services industry and a NICE Systems (NASDAQ:NICE) company, today announced that Datamonitor’s recent “Using Technology to Combat Financial Crime in Retail Banking” research identified it as the only vendor out of 29 reviewed with core competencies across all AML and fraud detection areas.
“In the middle of the financial crisis, banking management is primarily interested in solutions with minimal exposure to fraud and compliance issues. Technology is critical to achieving sophistication in identifying and managing potential suspicious activity, whether money laundering or fraud,” said Jaroslaw Knapik, Financial Technology Analyst at Datamonitor and author of the report. “The anti-financial crime landscape is still very fragmented; however we did find that Actimize currently has ‘core offerings’ within every anti-money laundering and fraud category we explored.”
Core offerings examined in the Datamonitor research included: Watch List Filtering, Reporting, Know Your Customer/ Identity Theft Fraud Detection, Transaction Monitoring, Case Management, Internal Fraud Detection, Point of Sale/ATM/Card Present Fraud Detection, Online/Card Not Present Fraud Detection/ Web Authentication and Contact Center Fraud Detection.
Datamonitor’s report surveyed 194 IT decision makers from retail banks worldwide. It found that “risk mitigation and anti-financial crime are high on CIOs’ agendas, due to strong regulatory and government attention”. The report states that banks are building towards a cross-business function strategy, with “evidence that increasing numbers of banks are combining their compliance, fraud, and security departments into one single unit”and that the integration will provide an “enterprise-wide view of compliance and fraud risk across an institution or business lines.”
Knapik also said that firms are looking for “synergies between anti-fraud and anti-money laundering areas such as compliance or risk management” and that “real time detection is an increasingly urgent requirement.”
“Especially in today’s economic environment, we see tremendous interest by financial institutions in sharing a common risk management platform with individual applications across lines of business, compliance and fraud groups,” said Amir Orad, CMO and EVP at Actimize. “ Firms are challenged to consolidate where they can, reducing their IT and operational costs while still supporting the needs of diverse groups of managers and investigators. As evident in the report, Actimize is unique in its ability to balance the disparate needs of different users and transaction types with the goals of consolidation and lowering costs. Striking this balance is aided by utilizing Actimize’s many specific solutions all leveraging a common core technology and a common set of operational tools.”
Mitigating transactional risk across enterprise silos, Actimize is a leading provider of software solutions for anti-money laundering, brokerage compliance and fraud prevention. Built on a patented, scalable and extensible analytics platform, Actimize solutions enable financial institutions to increase their insight into real-time customer behavior and improve risk and compliance performance. Actimize technology processes billions of transactions a day for many of the world’s top banks and brokerages. Actimize, a NICE Systems company, has offices in New York, Israel, London and Tokyo. For more information, go to www.actimize.com.
About NICE Systems
NICE Systems (NASDAQ: NICE) is the leading provider of Insight from Interactions solutions and value-added services, powered by the convergence of advanced analytics of unstructured multimedia content and transactional data – from telephony, web, email, radio, video, and other data sources. NICE’s solutions address the needs of the enterprise and security markets, enabling organizations to operate in an insightful and proactive manner, and take immediate action to improve business and operational performance and ensure safety and security. NICE has over 24,000 customers in more than 135 countries, including over 85 of the Fortune 100 companies. More information is available at http://www.nice.com.
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