Nice works with FIS on employee fraud detection
14 October 2010 | 4307 views | 0
Source: Nice Actimize
NICE Actimize, a NICE Systems (NASDAQ:NICE) company and the largest and broadest provider of a single financial crime, risk and compliance software platform for the financial services industry, today announced that it has expanded its partnership with FIS (NYSE:FIS) to also provide employee fraud detection capabilities.
FIS will augment its enterprise financial crime solutions by integrating the Actimize Employee Fraud solution within its core processing systems and across its expansive customer base. This adds to the companies' existing partnership with respect to enterprise financial crime management.
The joint offering from FIS and NICE Actimize enables financial institutions to integrate enterprise financial crime services to create a single financial crime integration hub, including with other third-party fraud management solutions. Once integrated, institutions can apply advanced analytics and business-rule processing to optimally leverage internal resources and control costs, as well as minimize losses and risk exposure.
"NICE Actimize and FIS are successfully deploying solutions to help banks in their efforts to detect and prevent financial crime," said Kay Nichols, executive vice president, FIS. "Banks are under immense pressure and they consistently turn to their processors for help. We have more than 8,500 financial institutions relying on FIS fraud and risk services across checking, credit, debit and item processing. With our expanding partnership with NICE Actimize, we are prepared to offer customers the next generation of financial crime protection."
Banks of all sizes are being confronted with new types of fraud and other financial crime activities on a daily basis, and regulator interest in insider threats is at an all time high. In the past, fraud criminals typically specialized in a single channel (e.g., credit card fraud, online banking fraud), but now high loss fraud events increasingly incorporate multiple channels from both inside and outside the bank. The Actimize enterprise-wide fraud suite enables fraud protection across a variety of channels, including cards, remote banking (online, mobile phone, phone), deposit, electronic payments and more. Additionally, NICE Actimize's solutions help with the monitoring of many types of potentially suspicious employee behavior by providing alerts and aiding investigators in follow-up research and reporting.
"FIS is one of the largest and most trusted service providers to the financial services industry," said Yaron Hertz, vice president of business development at NICE Actimize. "Our existing relationship with FIS has been very successful and we are very happy to expand our strategic business partnership, to include employee fraud detection. FIS has broad reach across the financial services industry and through this partnership NICE Actimize can more quickly and effectively reach smaller and mid-sized firms than if we were to approach the market directly."