News : NICE Actimize Recognized in 2016 Anti-Money Laundering Analyst Report
New York, NY, USA, September, 2016 -- NICE Actimize, a NICE (Nasdaq:NICE) business and provider of a single financial crime, risk and compliance software platform for the financial services industry, was profiled in the CEB TowerGroup analyst report, "Do You Know Who I Am - Know Your Customer Systems Market Update" issued recently. The report examines the growing importance of KYC systems and its growing prioritization in a financial institution’s technology solutions arsenal.
According to the report, the NICE Actimize CDD/KYC solutions suite streamlines the KYC process from customer onboarding to risk assessment and mitigation through the entirety of the customer lifecycle. The approach incorporates risk assessment into every step of the process, allowing for faster account decisioning and consistency across the enterprise in risk control processes. The report added, "…the solution enables real-time risk assessment during the onboarding process and monitors for ongoing changes to the customer risk throughout the entire customer lifecycle. It also sends alerts for significant changes based on the institution’s risk policy."
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"KYC solutions rank among the most-valued commercial banking technologies due to their ability to help banks reduce risk and comply with regulations," said CEB TowerGroup Research Director and Principal Executive Advisor, Andy Schmidt. He adds, "We expect emerging technologies — including dynamic risk questionnaires, beneficial ownership detection, and centralized KYC hubs — to influence commercial banks’ short-term and long-term investment roadmaps for KYC solutions as they look to improve both their KYC processes and their customer onboarding capabilities."
The CEB report summarized, "NICE Actimize’s Version 2.3, released in May 2016, includes enhanced real-time web services support for a dynamic interview process and for connection to existing in-house onboarding systems." According to CEB, the solution also includes additional enterprise support for large, global organizations with a more granular permissions and roles mechanism, improved risk scoring flexibility, and enhanced controls over the ongoing due diligence process.
"The ability to automatically detect beneficial ownership when onboarding customers is an increasingly important facet of due diligence requirements and is an integrated function within our CDD solution," said David Kwan, VP and General Manager, Anti-Money Laundering, NICE Actimize. "KYC systems reduce the manual burden by verifying customers’ identities and business relationships by screening customers against sanctions and beneficial owner lists prior to account opening, and play a pivotal role in identifying and assessing the risk of all customers and transactions to prevent a host of illegal activities including criminal and terrorist financing."
Posted by Veronica Silva Cusi, news correspondent
Source: Nice Actimize
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About NICE Systems:
NICE (NASDAQ: NICE), is a worldwide provider of intent-based solutions that capture and analyze interactions and transactions, realize intent, and extract and leverage insights to deliver impact in real time. Driven by cross-channel and multi-sensor analytics, NICE solutions enable organizations to improve business performance, increase operational efficiency, prevent financial crime, ensure compliance, and enhance safety and security. NICE serves over 25,000 organizations in the enterprise and security sectors, representing a variety of sizes and industries in more than 150 countries, and including over 80 of the Fortune 100 companies.
CEB is a best practice insight and technology company. In partnership with leading organizations around the globe, we develop innovative solutions to drive corporate performance. CEB equips leaders at more than 10,000 companies with the intelligence to effectively manage talent, customers, and operations. CEB is a trusted partner to nearly 90% of the Fortune 500 and FTSE 100, and more than 70% of the Dow Jones Asian Titans.
Published: Tuesday, September 27, 2016
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