Due to provisions in the recently enacted CARES Act, financial services organizations are facing an unprecedented influx of loan applications and the need to expedite Know-Your-Customer (KYC) operations and procedures, which are often manual and time consuming. To effectively address this critical need, NICE Actimize (Nasdaq: NICE), the leader in Autonomous Financial Crime Management, announces the launch of KYC Xpress, a cloud solution which automates manual KYC procedures, dramatically increasing the speed of KYC processes by more than 80 percent.
Labor intensive KYC checks that are required to be performed on loan applicants are generally done manually and require multiple steps. NICE Actimize KYC Xpress automates these processes – enabling teams to quickly perform KYC checks with confidence, reducing many hours of manual steps to minutes and minimizing errors by up to 40 percent. In addition to cost savings, NICE Actimize KYC Xpress provides a clear audit report, time-stamped for proof of compliance.
Powered by the cloud, the NICE Actimize KYC Xpress solution provides organizations with the ability to perform a single search across a comprehensive variety of global data sources, quickly returning the intelligence needed to enrich customer profiles. Intelligently orchestrating the aggregation of data from global sanctions, PEP, adverse media, corporate ownership and enforcement lists, NICE Actimize’s KYC Xpress enables organizations to adhere to KYC regulations and rapidly respond to their customers’ immediate, critical needs.
“Because of the CARES Act’s requirement to process loans expediently, it is NICE Actimize’s priority to reduce the burden on our customers’ operational needs,” said Craig Costigan, CEO, NICE Actimize. “KYC teams are currently inundated with loan applications and are challenged to accomplish a massive amount of work in a reduced timeframe. Whether a firm’s loan applicant is a new or existing customer, KYC Xpress provides the automation and power of global data sources for quick and accurate customer decisioning.”