NICE Actimize Introduces ActimizeWatch for Cloud-based AI

A recent press release states, “NICE Actimize, a NICE business and the leader in Autonomous Financial Crime Management, has expanded ActimizeWatch, its secure cloud-based analytics optimization solution, to apply managed machine learning and automation for laser-sharp Anti-Money Laundering detection with reduced false positives and a simpler road to regulatory compliance. The service now extends cloud-managed AI to Fraud and AML teams — strengthening institutions’ overall Financial Crimes Unit.”

The release continues, “Currently, FSOs are facing rapid changes with regulations, criminal typologies, and even their own business products, yet their financial crime detection and analytics remain inflexible. With costs of compliance steadily rising, this combination of factors has resulted in major strain on the financial investigation units (FIUs) responsible for identifying suspicious activity and reporting it. Market advisory studies have shown that false-positive rates continue to be as high as 95-97 percent in what has become a defacto standard for the industry. Managing analytics in the cloud introduces cost-predictability and reduces the spend previously required to tune AML systems.”

It goes on, “ActimizeWatch for AML eliminates the challenges of keeping AML systems alerting efficiently to continuously produce true-positives that are more likely to yield suspicious activity reports. The solution applies machine learning and automation to proactively monitor the performance of analytics and adapt rules and models rapidly to better detect patterns and reduce false-positives. ActimizeWatch also offers FSOs the ability to benchmark their AML performance against similar institutions, a consortium benefit that helps them adapt their models before any degradation of performance. Its performance dashboards also provide clear explanations for regulators.”

Read more at Business Wire.

Photo credit: NICE Actimize

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