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Quantifind and KYC2020 join Nice Actimize financial crime and compliance ecosystem

Source: Nice Actimize

NICE Actimize, a NICE business (Nasdaq: NICE) and leader in Autonomous Financial Crime Management, today announced that two new X-Sight Marketplace partners are offering a range of free tools and services designed to boost operational efficiency of AML investigations during the onslaught of COVID-19 related demands.

The two partners focus on automation and screening requirements, leveraging advanced next-generation technologies. The NICE Actimize X-Sight Marketplace is the first financial crime and compliance ecosystem that connects financial services organizations with data, applications, tools and service providers, providing both the value of choice and the ability to reduce integration timelines.

The new partners offering customized solutions targeting anti-money laundering capabilities for the X-Sight Marketplace include Quantifind, a provider which drives automation and efficiency for financial crime applications by modeling predictive signals from public domain data, and KYC2020 LLC, a firm which focuses on sanctions screening requirements of small and medium-sized firms with next-generation technology.

Quantifind is offering the use of its Batch API software service which will allow financial institutions to triage daily alerts and to focus limited resources where there is the highest risk. "During this time, when we need to work together, we are working with financial institutions to help them focus and increase operational efficiency,” says Ari Tuchman, Ph.D., CEO and Co-founder, Quantifind. “We look forward to working with the NICE Actimize Marketplace team to deliver exceptional support during this challenging period.”

Another X-Sight Marketplace partner, KYC2020 LLC, offers a number of options to firms that include a free one-hour consultation and free toolkit that allows them to conduct an AML/CFT risk assessment and to identify the sanction and PEP watchlists they should be screening. These tools also help design AML programs and conduct reviews.

“During these uncertain times, it is key that small and medium-sized organizations have access to affordable services and solutions that help them remain compliant and keep their businesses protected,” said Rajeev Bahri, CFA, CAMS, Co-Founder and Managing Director of KYC2020, LLC. “Our network of qualified CAMS™ certified AML specialists look forward to partnering with NICE Actimize and supporting its customers through its advanced Marketplace ecosystem.”

“With the COVID-19 environment placing significant demand on our customers, we are working together with our Marketplace partners to address operational risk and burgeoning regulatory compliance challenges for financial services organizations of all sizes,” said Craig Costigan, CEO, NICE Actimize. “The X-Sight Marketplace continues to offer specialized capabilities which support best-in-class financial crime, risk and compliance management.”

Quantifind, which provides an AI solution for anti-money laundering and fraud detection, uniquely discovers risk by combining internal financial institution data with public domain data. Built on a decade of proprietary machine learning infrastructure, Quantifind's solutions have demonstrated the ability to automate approximately 60% of a large investigative team's alerts triage workflow and to improve manual investigative efficiencies by up to 30-50%. Quantifind’s solutions have also been used to discover unknown network links in FBI investigations.

KYC2020 leverages next-generation technology to reduce the cost and friction associated with traditional compliance solutions and speeds customer onboarding. KYC2020’s current solutions include a global watch list and PEP database, a watchlist filtering service, and a sanction screening decision service. Customers can license KYC2020’s watchlist data to use with existing screening solutions or its cloud-based screening service for watchlist filtering and scoring, or let its intelligent systems manage its sanction screening decision service.

NICE Actimize’s X-Sight Marketplace currently has more than 45 partners in its growing ecosystem, with offerings addressing such categories as customer and counterparty intelligence, data management, device and channel intelligence, identity verification, screening and adverse media, user authentication and fraud, CDD/KYC, transaction monitoring, and alert and case management.

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