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
cindy.morgan-olson@actimize.com
Investors:
Marty Cohen
+1-212-574-3635 (ET)
NICE Systems Ltd.
ir@nice.com
SOURCE NICE Systems Ltd.