NICE Actimize on Wednesday (Aug. 19) released a platform called Xceed that the company says will use “best-in-class AI, data intelligence, behavioral analytics and insights within a unified cloud platform” to help risk managers at financial institutions (FIs) fend off criminals.
The company stated in a news release that the service is suitable for FIs “of all sizes,” including community banks and regional banks.
Specific targets of the service are criminals engaged in money laundering and fraud.
NICE says the new service includes some of the most advanced capabilities of its two existing offerings, Guardian Analytics and NICE Actimize.
One benefit of artificial intelligence (AI) is that it enables security systems to teach themselves to identify evolving threats, NICE says in its news release. Because the service is deployed in the cloud, the company adds, it won’t require customers to hire “a team of data scientists.”
“We are pleased to bring our customers the unique combination of proven expertise with best-in-class innovation in both artificial intelligence and the cloud, presenting a major opportunity to further support financial services organizations of all sizes,” NICE Actimize CEO Craig Costigan said in a prepared statement. “Xceed is based on the proven AI models deployed at hundreds of Guardian Analytics and Actimize customers, leveraging the best innovations of both and bringing the industry its most advanced machine learning capabilities for complete financial crime risk management coverage.”
NICE Actimize says it is the largest provider of risk and compliance services for financial institutions and government regulators. According to the company, its 25,000+ clients come from more than 150 countries, including more than 85 Fortune 100 companies.
Today’s news release states: “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.”
The offering comes as FIs are increasingly sharing data and working with peers via networks that bring speed and efficiency, but also carry new and changing risks.
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