The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Nice Actimize Moves into Middle Tier Market with Cloud Based AML Solution

Nice Actimize is moving into the mid-sized financial institutions market with a cloud platform that will initially provide an anti-money laundering (AML) software-as-a-service solution and later a complete suite of financial crime applications.

The AML solution, Actimize AML Essentials, is a packaged and variant version of the company’s AML enterprise software. It covers suspicious activity monitoring, watch list filtering and customer due diligence and Know Your Customer (KYC), and provides alert management, reporting and suspicious activity report filing, but it does not include as many process options as the enterprise software, instead offering the most common and used processes.

The suspicious activity monitoring module of AML Essentials came to market this week, with the watch list filtering and customer due diligence and KYC modules due to be rolled out over the next few months.

Cenk Ipeker, head of Nice Actimize’s cloud, says: “Regulatory scrutiny of institutions below the top tier means many smaller banks face the same problems as tier one institutions. This segment is looking at Nice Actimize type tool sets and needs robust solutions, but these types of solutions require a lot of data, internal systems and expertise. The need is there, but not the wherewithal. So, we decided to address the need by providing cloud solutions that can cover multiple regions and client types, and can be rapidly and easily deployed.”

While Nice Actimize has moved some of its enterprise software into the cloud, Ipeker and his team are working in an independent business unit dedicated to building a cloud platform for mid-sized financial institutions and helping them implement solutions and achieve best practice.

Ipeker says: “We are trying to expand into the mid-sized financial institutions market and are receiving a lot of interest. My team is dedicated to building cloud solutions for this segment and will ultimately build a complete financial crime platform in the cloud. AML is first and we will follow with additions such as fraud.”

Related content

WEBINAR

Recorded Webinar: Improving data integrity to address regulatory requirements

Financial institutions today face a global regulatory landscape characterised by rigorous and varied reporting requirements across their businesses. Reporting challenges include completing more data fields across more lines of business with greater frequency, adding complexity and cost. At the same time, there is waning tolerance among supervisory bodies for errors, issues or delays – as...

BLOG

ComplyAdvantage Tops Up Series C Funding with Goldman Sachs Investment

ComplyAdvantage, a financial crime compliance specialist, has received new investment from Goldman Sachs Growth Equity. The investment will be used to build on the company’s rapid growth and cement its position as a critical part of the value chain for companies managing evolving risks around anti-money laundering (AML) and know your customer (KYC) processes, as...

EVENT

TradingTech Summit Virtual

TradingTech Summit (TTS) Virtual will look at how trading technology operations can capitalise on recent disruption and leverage technology to find efficiencies in the new normal environment. The crisis has highlighted that the future is digital and cloud based, and the ability to innovate faster and at scale has become critical. As we move into recovery and ‘business as usual’, what changes and technology innovations should the industry adopt to simplify operations and to support speed, agility and flexibility in trading operations.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...