NICE Actimize Automates KYC Procedures on CARES Act

NICE Actimize has launched KYC Xpress, a cloud solution that automates
manual KYC procedures, dramatically increasing the speed of KYC
processes by more than 80 percent, the firm claims.

The product addresses the unprecedented influx of loan applications
and the need to expedite Know-Your-Customer (KYC) operations and
procedures due to provisions in the recently enacted CARES Act.

Labor intensive KYC checks that are required to be performed on loan
applicants are generally done manually and require multiple steps.

NICE Actimize KYC Xpress automates the required KYC checks on loan
applicants, which are usually labor intensive. This enables teams to
quickly perform KYC checks with confidence, reducing many hours of
manual steps to minutes and minimizing errors by up to 40 percent,
according to the company.

In addition to cost savings, NICE Actimize KYC Xpress provides a clear
audit report, time-stamped for proof of compliance. Intelligently
orchestrating the aggregation of data from global sanctions, PEP,
adverse media, corporate ownership and enforcement lists, NICE
Actimize’s KYC Xpress enables organizations to adhere to KYC
regulations and rapidly respond to their customers’ immediate,
critical needs.

Craig Costigan, CEO, NICE Actimize, said: “Because of the CARES Act’s
requirement to process loans expediently, it is NICE Actimize’s
priority to reduce the burden on our customers’ operational needs. KYC
teams are currently inundated with loan applications and are
challenged to accomplish a massive amount of work in a reduced
timeframe. Whether a firm’s loan applicant is a new or existing
customer, KYC Xpress provides the automation and power of global data
sources for quick and accurate customer decisioning.”

In late 2019, NIC Actimize launched SURVEIL-X, an AI-powered,
cloud-native surveillance solution that detects all forms of risky
behavior to ensure compliance with key global regulations, including
MiFID II, Dodd-Frank, Regulation Best Interest and others, while also
protecting FSOs from previously undetectable risks that could result
in fines and reputational damage.

The product aims to address the growing demand for next-generation
surveillance technology capable of detecting the “unknowns” of today.
The solution provides complete surveillance coverage with both
AI-powered and traditional expert rule-based analytics, and advanced
visualization tools, all on a cloud-native platform that drives down
the total cost of ownership.