NICE Actimize extends its winning streak in the Waters Rankings this year by being awarded the best anti-money laundering (AML) compliance solution provider category for the third year in a row, as more and more clients seek solutions to address the impact of big data, while complying with regulatory mandates. NICE Actimize’s AML Solutions Suite meets the demand of its clients that want to know how anti-money laundering operations could be affected by the rise of big data, according to Micah Willbrand, director of AML product marketing at the New York-based provider of financial crime, risk management and compliance solutions.
“Financial institutions are asking us how we are working with these new environments,” he says. “As a database-independent technology provider, we have been well aware of this trend and have a robust strategy moving forward to enable banks to utilize their big data infrastructures.” According to Willbrand, financial institutions want to move away from legacy systems that have been holding them back from fully wading into the big-data trend to rationalize costs, something that NICE Actimize is distinctly aware of and aims to address. “We are on the verge of a paradigm-shifting time for our AML products, and our customers will see us rolling out additional cutting-edge services and solutions that address this changing world,” Willbrand says.
In view of this, the company undertook enhancements to better provide the services clients are looking for in AML solutions. NICE Actimize rolled out support for banks’ and other financial institutions’ big-data infrastructures, including moving toward a more integrated AML system. The idea behind an integrated platform within the firm’s AML suite is to ensure that the four tenets of AML systems—conserved domains database/know your customer, watch-list screening, transaction monitoring, and reporting—all work together.
The company is also working on expanding its suite of anti-money laundering products. This year, NICE Actimize launched its AML Essentials Cloud Solutions that target mid-sized financial institutions, and announced its delivery on the Amazon Web Services (AWS) cloud. The cloud solution offers the integrated AML system the firm boasts of. Willbrand notes that the company’s integrated capabilities and its experience at larger enterprises give it an edge when working with all types of organization. And it is not just banks that are looking to get solutions to prevent money laundering, Willbrand says. Bank-adjacent companies like casinos, money services and insurance companies are also seeking to meet compliance requirements, expanding the firm’s potential customer base.
“We are on the verge of a paradigm-shifting time for our AML products, and our customers will see us rolling out additional cutting-edge services and solutions that address this changing world.” Micah Willbrand, NICE Actimize
It’s a trio of problems: Mifid II’s data problem; blockchain projects stalled; and data quality issues for machine learning.Subscribe to Weekly Wrap emails