SYS-CON MEDIA Authors: Xenia von Wedel, Peter Silva, Glenn Rossman, Ava Smith, Elizabeth White

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 are all here because we are sold on the transformative promise of The Cloud. But what good is all of this ephemeral, on-demand infrastructure if your usage doesn't actually improve the agility and speed of your business? How must Operations adapt in order to avoid stifling your Cloud initiative? In his session at DevOps Summit, Damon Edwards, co-founder and managing partner of the DTO Solutions, will highlight the successful organizational, process, and tooling patterns of high-performing c...
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from ha...
Software-driven innovation is becoming a primary approach to how businesses create and deliver new value to customers. A survey of 400 business and IT executives by the IBM Institute for Business Value showed businesses that are more effective at software delivery are also more profitable than their peers nearly 70 percent of the time (1). DevOps provides a way for businesses to remain competitive, applying lean and agile principles to software development to speed the delivery of software that ...
Docker offers a new, lightweight approach to application portability. Applications are shipped using a common container format and managed with a high-level API. Their processes run within isolated namespaces that abstract the operating environment independently of the distribution, versions, network setup, and other details of this environment. This "containerization" has often been nicknamed "the new virtualization." But containers are more than lightweight virtual machines. Beyond their small...
The move in recent years to cloud computing services and architectures has added significant pace to the application development and deployment environment. When enterprise IT can spin up large computing instances in just minutes, developers can also design and deploy in small time frames that were unimaginable a few years ago. The consequent move toward lean, agile, and fast development leads to the need for the development and operations sides to work very closely together. Thus, DevOps become...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's

An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
Leysin American School is an exclusive, private boarding school located in Leysin, Switzerland. Leysin selected an OpenStack-powered, private cloud as a service to manage multiple applications and provide development environments for students across the institution. Seeking to meet rigid data sovereignty and data integrity requirements while offering flexible, on-demand cloud resources to users, Leysin identified OpenStack as the clear choice to round out the school's cloud strategy. Additional...
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the ...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
SYS-CON Media announced today that Aruna Ravichandran, VP of Marketing, Application Performance Management and DevOps at CA Technologies, has joined DevOps Journal’s authors. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Aruna's inaugural article "Four Essential Cultural Hacks for DevOps Newbies" discusses how to demonstrate the...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.