Powerful biometrics and “picture intelligence”
capabilities offer enhancements over traditional alphanumeric
screening for greater precision and accuracy
NICE Actimize, a NICE business (Nasdaq: NICE) today
announced that FACEPOINT, which launched an industry-leading
biometric risk screening engine, has joined the X-Sight
Marketplace, bringing its cutting-edge facial recognition
technology for advanced KYC and watch list risk screening to the
ecosystem. NICE Actimize’s X-Sight Marketplace, which has grown to
include more than 60 technology partners, 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.
Until recently, financial services organizations relied on
alphanumeric matching to screen their customers against watchlists
to fulfill their Know Your Customer (KYC) and Anti-Money Laundering
/ Counter Terrorism Financing (AML-CTF) regulatory obligations.
Common names, transliteration issues, missing secondary
identifiers, identity theft and impersonation contributed
disproportionately to the high number of alerts, making it
difficult not to miss true positives without a corresponding
snowballing of false positives.
FACEPOINT complements and enhances NICE Actimize’s AML screening
and KYC solutions by offering an alternative to traditional
name-based screening. FACEPOINT uses facial recognition to
disambiguate potential matches, reduce false positive rates and
identify emerging threats such as those posed by unnamed persons of
interest that are not covered by watchlists. In the context of KYC
screening processes, FACEPOINT’s “picture intelligence” maintains a
worldwide image database of "people of interest", and offers a
real-time risk mitigation solution thanks to cutting-edge image
analysis. Biometric identification offers greater precision,
accuracy and speed and therefore enormous potential for improved
operational efficiency and reduction in compliance costs.
“Financial crime evolves continuously. Financial institutions
must face numerous sophisticated challenges with targeted
applications that solve these problems efficiently and
effectively,” said Craig Costigan, CEO, NICE Actimize. “The
X-Sight Marketplace offers dozens of highly specialized
capabilities which support best-in-class financial crime, risk and
compliance management and which, in the case of FACEPOINT,
complement our integrated AML solutions suite with enhancements to
our AML and KYC risk screening capabilities.”
“FACEPOINT has truly disrupted the industry’s risk screening
operations with its picture intelligence capabilities designed to
enhance risk screening tools, understanding that identifying
high-risk individuals is a growing challenge for financial
institutions,” said Damien Martinez, CEO and Co-Founder,
FACEPOINT. “Our unique biometrics risk engine is an ideal fit
with NICE Actimize’s suite of anti-money laundering solutions,
providing additional advanced capabilities to its robust
lineup.”
The NICE Actimize Integrated AML solution suite uses advanced
artificial intelligence and machine learning, as well as its domain
expertise and robotic process automation, to provide complete
customer lifecycle risk coverage – from onboarding to ongoing CDD,
EDD and transaction monitoring processes. Intelligent automation,
AI and machine learning are combined with KYC-AML domain expertise
to continuously assess risk and provide a holistic view of the
customer across all business lines and products.
NICE Actimize’s X-Sight Marketplace partner offerings address
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.
For more information on the X-Sight Marketplace, please click
here.
About FACEPOINT Twenty years after the launch of the
first text-based risk databases, FACEPOINT delivers breakthrough
innovation by taking advantage of enhancements in biometrics and
AI. FACEPOINT harnesses the combination of two powerful tools: an
exclusive photographic database of high-risk individuals as defined
by international regulatory standards, and state-of-the-art
biometrical technology. After two years of research and
development, compelling pilot results from top tier banks have
enabled FACEPOINT to launch its concept of “No Name Screening”.
Screenings can now be done using images, leaving behind the chronic
problems of alphanumeric screening: disambiguation of common names,
missing secondary identifiers, false identities, and high volumes
of false positives. Today, FACEPOINT offers the compliance
community solutions of the future.
About NICE Actimize NICE Actimize is the largest and
broadest provider of financial crime, risk and compliance solutions
for regional and global financial institutions, as well as
government regulators. Consistently ranked as number one in the
space, NICE Actimize experts apply innovative technology to protect
institutions and safeguard consumers and investors assets by
identifying financial crime, preventing fraud and providing
regulatory compliance. The company provides real-time,
cross-channel fraud prevention, anti-money laundering detection,
and trading surveillance solutions that address such concerns as
payment fraud, cybercrime, sanctions monitoring, market abuse,
customer due diligence and insider trading. Find us at
www.niceactimize.com, @NICE_Actimize or Nasdaq: NICE.
About NICE NICE (Nasdaq: NICE) is the world’s leading
provider of both cloud and on-premises enterprise software
solutions that empower organizations to make smarter decisions
based on advanced analytics of structured and unstructured data.
NICE helps organizations of all sizes deliver better customer
service, ensure compliance, combat fraud and safeguard citizens.
Over 25,000 organizations in more than 150 countries, including
over 85 of the Fortune 100 companies, are using NICE solutions.
www.nice.com.
Trademark Note: NICE and the NICE logo are trademarks or
registered trademarks of NICE Ltd. All other marks are trademarks
of their respective owners. For a full list of NICE’s marks, please
see: www.nice.com/nice-trademarks.
Forward-Looking Statements This press release contains
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements, including the statements by Mr. Costigan are based on
the current beliefs, expectations and assumptions of the management
of NICE Ltd. (the “Company”). In some cases, such forward-looking
statements can be identified by terms such as “believe,” “expect,”
“seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,”
“plan,” “estimate,” or similar words. Forward-looking statements
are subject to a number of risks and uncertainties that could cause
the actual results or performance of the Company to differ
materially from those described herein, including but not limited
to the impact of changes in economic and business conditions,
including as a result of the COVID-19 pandemic; competition;
successful execution of the Company’s growth strategy; success and
growth of the Company’s cloud Software-as-a-Service business;
changes in technology and market requirements; decline in demand
for the Company's products; inability to timely develop and
introduce new technologies, products and applications; difficulties
or delays in absorbing and integrating acquired operations,
products, technologies and personnel; loss of market share; an
inability to maintain certain marketing and distribution
arrangements; the Company’s dependency on third-party cloud
computing platform providers, hosting facilities and service
partners; cyber security attacks or other security breaches against
the Company; the effect of newly enacted or modified laws,
regulation or standards on the Company and our products and various
other factors and uncertainties discussed in our filings with the
U.S. Securities and Exchange Commission (the “SEC”). For a more
detailed description of the risk factors and uncertainties
affecting the company, refer to the Company's reports filed from
time to time with the SEC, including the Company’s Annual Report on
Form 20-F. The forward-looking statements contained in this press
release are made as of the date of this press release, and the
Company undertakes no obligation to update or revise them, except
as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201214005288/en/
Corporate Media: Cindy Morgan-Olson, +1 646, 408 5896,
NICE Actimize, ET cindy.morgan-olson@niceactimize.com
Investors: Marty Cohen, +1 551 256 5354, ET ir@nice.com
Yisca Erez, +972 9 775 3798, CET ir@nice.com
NICE (NASDAQ:NICE)
Historical Stock Chart
From Mar 2024 to Apr 2024
NICE (NASDAQ:NICE)
Historical Stock Chart
From Apr 2023 to Apr 2024