NICE Actimize launches new financial crime risk platform

NICE Actimize has launched a machine-learning based Platform-as-a-Service designed to power the financial crime risk management marketplace.

The X-Sight offers a way for financial service organisations to innovate and to introduce new services while supporting financial crime, risk and compliance management capabilities. The service augments on-premise deployment, and works seamlessly toward cloud adoption, according to the company.

It provides machine-led detection, decisioning and self-learning capabilities that can adapt to meet the needs of any financial services organisation‘s operations through an open, services-based architecture built on the cloud.

With NICE Actimize X-Sight, the company claims financial services organisations can accelerate their journey to the cloud proceeding as their organization’s specialized needs and product roadmaps may require. Moreover, by leveraging the X-Sight solution marketplace’s best-of-breed services, and through the use of machine learning and self-learning architecture, organizations will be able to ‘enjoy limitless collective intelligence’.

“The NICE Actimize X-Sight platform-as-a-service is the vehicle to achieve full autonomous financial crime management quickly and more cost effectively than ever before possible,” said Barak Eilam, CEO, NICE.

“Our customers’ challenges in financial crime are specialized and proceed at different speeds. They don’t want a complex, one-size-fits-all approach to compliance management that offers no flexibility as they adapt to changing patterns in financial crime or add new solutions. The platform-as-a-service architecture of X-Sight means that customers can choose or build the right solutions to resolve their problems without the burden of a long, difficult deployment and integration cycle.”

NICE Actimize claims to be the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators.
Its experts apply 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.

Earlier this year, the company enhanced its markets surveillance solution to help firms comply with MiFID II. The solution to help firms comply with the MiFID II microsecond requirement for high frequency trading, while improving firms’ ability to detect and mitigate market abuse.

The RegTech also announced its next generation Suspicious Activity Monitoring (SAM) solution, which combines machine learning analytics for laser-accurate crime detection with robotic process automation. It claims its solution virtually eliminates the manual search for third party data, increasing team productivity, and reducing investigation time for a single alert by up to 70%.

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