NICE Actimize announces the launch of CDD-X, the next-generation Know Your Customer/Customer Due Diligence (KYC/CDD) solution. NICE Actimize CDD-X is the latest addition to the Actimize Autonomous AML solution set that leverages the power of artificial intelligence and machine learning to provide more accurate detection and customer risk scoring to reduce compliance risk. Significant reduction in operational costs are realized through the innovative use of visualization and purpose-built intelligent automation to streamline customer review times by up to 70 percent.
The Power of X-Sight AI
NICE Actimize CDD-X leverages the secure cloud-based analytics optimization service, X-Sight ActimizeWatch, to apply machine learning to enhance the accuracy of risk ratings using the collective intelligence of previous outcomes. New Predictive Risk Scoring analytics used in CDD-X lead to better high-risk customer management, enhanced due diligence (EDD), periodic review, and ongoing monitoring.
These analytics also streamline the onboarding process, critical for financial services organizations looking to grow their business, by reducing unnecessary customer friction while providing the opportunity for better business interaction with their customers. Managing analytics in the cloud introduces cost-predictability and reduces the spend previously required to optimize KYC-AML systems.
“NICE Actimize’s CDD-X is a game changer, helping organizations bring relief to what is currently a massive spend, while improving accuracy when assessing customer risk. A robust AML program starts with a strong KYC/CDD process,” said Craig Costigan, CEO, NICE Actimize. “Regulatory agencies across the globe are encouraging financial institutions to explore technology innovations incorporating AI and machine learning to improve their compliance programs, and CDD-X is a good place to start in any journey to stronger, more cost-effective AML compliance.”
“Increased speed and efficiency in KYC-CDD is sorely needed to reduce the operational burden of compliance and to support the faster pace of digital financial services. Just in time, next generation technologies like intelligent automation are streamlining resource intensive KYC processes and bringing them into the digital age,” said Neil Katkov, PhD, Head of Risk, at research and advisory firm Celent.
NICE Actimize Autonomous Anti-Money Laundering Suite
NICE Actimize’s Autonomous AML modernizes AML programs through a unique combination of AI, machine learning, domain expertise, Intelligent Automation and visual storytelling to better combat money-laundering and terrorist financing. It keeps programs up-to-date with regulatory compliance while creating a single integrated view of the customer. In addition to CDD-X, the suite includes solutions for Suspicious Activity Monitoring, Watch List Filtering, Suspicious Transaction Activity Reporting (STAR), Currency Transaction Reporting (CTR) and X-Sight ActimizeWatch, secure cloud-based managed analytics service that delivers laser-sharp financial crime detection by actively monitoring analytics performance.