28 July 2014

MetaBank installs Nice Actimize financial crime kit

17 October 2012  |  1517 views  |  0 Source: Nice

NICE Actimize, a NICE Systems (NICE) business and the largest and broadest provider of a single financial crime, risk and compliance software platform for the financial services industry, is implementing its solutions at Iowa-based MetaBank (CASH) to support the company's financial crime risk strategy for MetaBank and Meta Payment Systems, its electronic payments division.

MetaBank will utilize the Actimize Enterprise Risk Case Manager platform to provide a 360-degree view of enterprise risk across its business lines, to ensure compliance with the Bank Secrecy and US Patriot Act requirements and to reduce its operational expenses. Actimize's Suspicious Activity Monitoring and Customer Due Diligence (CDD) Anti-Money Laundering solutions will support Metabank's efforts to protect consumers and set the stage for tighter pre-paid industry crime prevention standards.

According to Debra Geister, Senior Vice President, AML/Bank Secrecy Act (BSA) at MetaBank, the institution will leverage the Actimize single platform approach and will add additional Actimize fraud solutions later this year to complete the organization's enterprise view of financial crime risk. The NICE Actimize solutions provide MetaBank with flexibility and the ability to detect suspicious patterns of activity across organizational silos as well as reduce operational expenses and risk by scaling to support the increasing demands inherent when processing millions of transactions per day.

"As a large, diverse organization, we realized the importance of implementing a comprehensive risk platform to support MetaBank's future growth and evolving requirements." said Geister. "The company's investment to manage financial crime risk is setting the stage to better protect consumers, to detect suspicious activity and to proactively identify fraudulent usage trends in the prepaid industry."

"Creating a 360-degree view of the organization and of the customer, along with establishing consistency in monitoring suspicious activities, provide powerful benefits to a bank," said Amir Orad, President and CEO of NICE Actimize. "In addition, regulators are reviewing consistency in compliance implementation at banks. Our experience helping financial institutions develop and execute comprehensive and unique financial crime strategies allows us to assist MetaBank in addressing these challlenges, while simultaneously providing a solid foundation that supports their future challenges and operational requirements."

NICE Actimize financial crime solutions provide a common technology and business framework for full-lifecycle prevention and detection, investigation, reporting, and remediation of financial crime. With its customer-centric, enterprise-wide financial crime prevention capabilities, NICE Actimize enables financial institutions to address money laundering risks, as well as new and emerging fraud threats, to streamline processes, and to better serve customers.

Each of the NICE Actimize solutions used at MetaBank can be easily integrated into a larger enterprise financial crime framework. NICE Actimize solutions share a common technology platform, which offers IT cost benefits, operational efficiencies, and performance benefits when compared to integrating disparate systems.

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