The race is on for financial institutions in the European Union
community to finalize their readiness for the Payment Services Directive
(PSD2) compliance deadlines coming up this September. To assist FIs of
all size, NICE Actimize, a NICE (Nasdaq: NICE) business and the
leader in Autonomous Financial Crime Management, has introduced a fraud
profiling solution for PSD2 compliance and beyond, now also available as
a SaaS solution, to address the unique requirements of PSD2 set by the
European Union (EU).
Bolstered by NICE Actimize’s proven experience in real-time payments
fraud detection, the purpose-built, secure cloud solution enables faster
deployment and lower total cost of ownership, bringing sophisticated
fraud analytics to all sizes of financial institutions.
The Actimize cloud-based offering provides industry leading, end-to-end
fraud management capabilities with real-time transaction risk analysis
(TRA), cross-channel fraud detection, and multi-payment coverage, as
well as extensive fraud alert and case management functionality.
Leveraging the insights and experience gained from more than a decade
supporting the world’s largest banks and FIs, the Actimize fraud
profiling solution for PSD2 compliance combines expert-driven models and
machine learning algorithms to produce the best possible risk score with
the lowest rate of false positives.
Recently in the EU, the deadline passed for Payment Service Providers
(PSPs) to have their Payment Services Directive (PSD2) APIs
available for external testing. FIs are now faced with meeting the full
requirements for a September 14 live date for these APIs. Alongside
this, the additional requirement of Strong Customer Authentication (SCA)
adds further friction that firms will want to reduce. This means some
serious catch-up for those who missed the first benchmark, while
presenting challenges for mid-sized institutions with fewer resources
available to implement the process.
The NICE Actimize fraud profiling solution for PSD2 compliance offers
Provides a real-time risk score for every payment transaction and
enables automated decisioning on alerting, delaying, blocking etc.
Reduces the need for Strong Customer Authentication (SCA) through
risk-based authentication controls and proven low fraud rates.
Allows FIs to meet PSD2 Fraud Reporting requirements and PSD2
profiling compliance under Articles 2 and 18 without significant build
and IT investments.
Craig Costigan, CEO, NICE Actimize
“As a market leader in
enterprise fraud in the cloud, with core strengths in authentication,
NICE Actimize is prepared to support institutions of all types as they
become PSD2 compliant. To win the battle against new fraud threats,
financial institutions will need to have in place reporting and
monitoring of Open Banking transactions, to provide insight into how
they are being used and abused, looking for anomalies along with
understanding any new fraud typologies. Our fraud portfolio is ideally
suited to meet the needs of this game-changing environment.”
For more insights on the PSD2 revolution, please refer to our latest
APIs: Are You Ready to Take on New Fraud Threats?
APIs: What Can the Industry Do to Counter Fraud Threats?
For additional information on PSD2 fraud concerns and solutions,
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.
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. https://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.
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, may, will, intend,
project, 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 the
global economic environment on the Company’s customer base (particularly
financial services firms) potentially impacting our business and
financial condition; competition; 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; and the effect of newly enacted or modified
laws, regulation or standards on the Company and our products. 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 Securities and Exchange Commission, 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