February 25, 2009

 

Actimize, a NICE company, has recently been recognized by market analysis and BI company Datamonitor, as a key anti-financial crime vendor.

 

As part of their latest research, Datamonitor uncovered evidence that banks today are looking more and more to an enterprise view of compliance and fraud risk, and that Actimize is the "only vendor" out of the 29 they reviewed, that has core-offerings across all AML and anti-fraud areas.

 

For the study, “Using Technology to Combat Financial Crime in Retail Banking," Datamonitor looked at a number of topics including: Transaction Monitoring, Case Management, Watch List Filtering, Web Authentication, Contact Center Fraud Detection, and more to  uncover how businesses view anti-financial crime and risk mitigation and how they are combating it.

 

Jaroslaw Knapik, Financial Technology Analyst at Datamonitor and author of the report said, “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."

Of the 194 IT decision makers from retail banks worldwide that were surveyed, CIOs noted anti-financial crime and risk mitigation as being a top priority because of the strong regulatory and government attention being placed on it.

 

As a result, banks are "building towards a cross-business function strategy" and an increasing number of banks are actually "combining their compliance, fraud, and security departments into one single unit.”

 

This, the report notes, will help them to have an enterprise-wide view of risks and compliance across entire business lines.

 

“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,” Knapik said.

 

“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.”

 

Last year, Actimize made headlines with the introduction of the financial industry’s first cross-channel Trading Compliance Solution, the Actimize Trading Interaction Surveillance Solution.

 

With the Trading Interaction Surveillance Solution, delivered in one unified view, it is possible to automate and enhance trading surveillance as well as increase the effectiveness of regulatory investigations to reduce the risk and operational costs and deliver a fast ROI.