Actimize

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NICE Actimize, Inc.
Type Subsidiary
Industry Financial services
Founded 1999
Headquarters New York, United States
Key people Joe Friscia, President, Beth Gaspich, CFO
Products financial crime, risk and compliancesoftware
Parent NICE Systems
Website www.niceactimize.com

Actimize, Inc., a wholly owned subsidiary of NICE Systems, provides financial crime prevention, compliance and risk management products and services to the financial services industry. Primarily headquartered in New York City, USA, Actimize sells its software to firms and regulators worldwide. Its revenue is expected to cross the $100 million mark in 2010.[1] Service providers and channel partners include Checkfree, FNIS,[2] MasterCard, Pershing,[3] IBM and Unisys.[4]

Products[edit]

NICE Actimize has core offerings across all financial crime prevention and compliance areas[5] built on a unified reporting and case management platform. Actimize is known for its use of analytics and modeling techniques that uncover anomalous financial transactions, like fraud, money laundering and market manipulation.

Additionally NICE Actimize provides Know Your Customer/Client Due Diligence (KYC-CDD), FATCA compliance and Enterprise Risk Case Manager solutions.[6]

Customers[edit]

NICE Actimize has more than 250 clients including all top 10 global banks and many financial services industry regulators. Customers include Bank of America, Barclays, BB&T, Citi, Capitalone, Comerica, CFTC,[7] HSBC, MasterCard,[8] Capital One, E*Trade Financial Corporation, Mizuho, RBS, Amundi, Société Générale, The Vanguard Group,[9] UBS and Morgan Stanley

As an example, banks use Actimize card fraud prevention solutions to block fraudulent credit card transactions as they occur,[10] whether at a point of sale, automated teller machine, online or over the phone. Similarly, financial institutions and securities trading firms also use Actimize products to uncover suspicious transactions that may indicate illegal money laundering and capital market manipulation.

History[edit]

In 1999, Actimize was founded in Silicon Wadi, an area with a high concentration of high-tech industries in the coastal plain in Israel, similar to Silicon Valley in California by Israeli ex-army colleagues who specialized in business intelligence and data warehousing. The company focused its attention on building packaged trading compliance, anti-money laundering and fraud prevention software solutions for the financial services industry. Actimize was acquired by NICE Systems (NASDAQ: NICE) in July 2007 for $280 million[11] and has grown into one of three of NICE’s main lines of business.

NICE Systems shares are traded on NASDAQ as well as on the Tel Aviv Stock Exchange; where it is part of the TA-25 Index. NICE Total cash and equivalents as of December 31, 2009 were $548.5 million, with no debt.[12]

In June 2009, Actimize acquired the assets of Syfact, a pioneer in enterprise investigative case management solutions.[13] Actimize acquired rival anti-money laundering software vendor Fortent for $73.5 million in August 2009.[14] In October 2008, Actimize acquired ATM and debit card fraud detection models, analytics technology and a data consortium with billions of ATM / debit transactions from BasePoint.[15]

Accolades[edit]

Chartis recognized NICE Actimize as the category leader for financial crime risk management technology in its 2014 RiskTech100® rankings. NICE Actimize was also recognized as the "Category Leader" for Financial Crime Solutions in the 2014 Chartis RiskTech Quadrant®. NICE Actimize was selected as a “Best-in-Class” provider in three categories, in CEB TowerGroup’s “2013 Know Your Customer” Anti-Money Laundering Technology Report. The three categories in which the NICE Actimize Customer Due Diligence solution received a “Best in Class” designation were for "Initial Validation", "Compliance Operations" and "Enterprise Support". NICE Actimize was positioned as a Leading Vendor in the 2013 Aite Group Trade Surveillance Compliance Market Impact Report. The report highlights the NICE Actimize surveillance and communications solutions, including the breadth of its offerings and quality of its analytics. Actimize has been named Most Innovative Anti-Money Laundering (AML) Solution Provider by Financial-i magazine,[16] rated as the only "Strong Positive" in Gartner's MarketScope for Enterprise Fraud Management,[17] ranked atop Gartner’s Magic Quadrant for Web Fraud Detection[18] two years in a row, identified by Datamonitor as the only financial crimes vendor out of 29 reviewed with core competencies across all AML and fraud detection areas,[19] named as a ‘Leader’ in Celent's "Automated Wealth Management Compliance Solutions" report for its Sales Practices solution, with high score for "breadth of functionality", "advanced technology", "largest live client base" and "depth of client services"[20] and Bank Technology News recognized Actimize as a "Top 25 Innovator" for its Insider Fraud solution.[21]

References[edit]

  1. ^ Dan Kaplan (9/1/2009). "Actimize buys Fortent". SC Magazine. Retrieved 2010-03-22.  Check date values in: |date= (help)
  2. ^ Peggy Bresner Kendrick (2008-10-21). "Actimize’s Fraud and Compliance Enterprise Case Management Technology to be available to FIS customers". Bank Systems & Technology. Retrieved 2010-03-22. 
  3. ^ Joel P. Bruckenstein (7/1/2009). "Introducing NetX360". Financial Planning. Retrieved 2010-03-22.  Check date values in: |date= (help)
  4. ^ Mia Shopis (2003-06-17). "Quick Takes: Identity management software meets federal regs". Search Security. Retrieved 2010-03-22. 
  5. ^ Stefania Viscusi (2009-2-25). "Datamonitor Gives Actimize Gold Star for Fraud Detection". TMCnet. Retrieved 2010-03-25.  Check date values in: |date= (help)
  6. ^ Actimize Customer Due Diligence Solution - IBM
  7. ^ CFTC Acting Chairman Walt Lukken (2008-03-13). "Building Regulatory Networks". Commodity Futures Trading Commission Office of External Affairs. Retrieved 2010-03-25. 
  8. ^ "Actimize ATM, Debit Fraud Prevention Used by MasterCard". Payment News. 10/2/2008. Retrieved 2010-03-22.  Check date values in: |date= (help)
  9. ^ "Vanguard Deploys Actimize". FinExtra. 2009-06-17. Retrieved 2010-03-22. 
  10. ^ Rebecca Sausner (October 2008). "Actimize Bulks Up Its ATM/Debit Fraud Detection". Bank Technology News. Retrieved 2010-03-25. 
  11. ^ Shirley Yom-Tov (7/4/07). "Nice Systems signs deal to buy Actimize for $280 million". Haaretz. Retrieved 2010-03-16.  Check date values in: |date= (help)
  12. ^ "NICE Systems Reports Fourth Quarter 2009 and Full Year Results; Fourth Quarter Bookings and Backlog Reach All-Time High". NICE. 2/7/2010. Archived from the original on 27 February 2010. Retrieved 2010-03-16.  Check date values in: |date= (help)
  13. ^ "Nice's Actimize acquires Syfact Business". Reuters. 2009-06-17. Retrieved 2010-03-16. 
  14. ^ "Actimize’s Parent Company Buys Fortent for US$73.5m to Bolster Compliance and Risk Offering". A-Team Group. 9/1/2009. Retrieved 2010-03-16.  Check date values in: |date= (help)
  15. ^ "Transactions". JMP Securities. Retrieved 2010-03-16. 
  16. ^ "Leaders in Innovation". Financial i. Q4 December 2009. Retrieved 2010-03-16.  Check date values in: |date= (help)[dead link]
  17. ^ Avivah Litan (9/3/2009). "MarketScope for Enterprise Fraud Management". Gartner. Retrieved 2010-03-16.  Check date values in: |date= (help)
  18. ^ Avivah Litan (2010-1-26). "Magic Quadrant for Web Fraud Detection". Gartner. Retrieved 2010-03-16.  Check date values in: |date= (help)
  19. ^ "Using Technology to Combat Financial Crime in Retail Banking (Strategic Focus)". Datamonitor. 1/8/2009. Retrieved 2010-03-16.  Check date values in: |date= (help)
  20. ^ Robert Ellis and Isabella Fonseca (2007-04-27). "Automated Wealth Management Compliance Solutions". Celent. Retrieved 2010-03-16. 
  21. ^ John Adams, Karen Krebsbach, Joseph Rosta, Anthony Malakian, Lee Conrad Michael Sisk, Michael Dumiak, Rebecca Sausner, Glen Fest (November 2007). "The Innovators 2007". Bank Technology News. Retrieved 2010-03-16.