NICE Actimize launches cross-asset cloud markets solutions, Exclusive interview with VP Puja Agrawal

Rick Steves

NICE Actimize, a subsidiary of NICE Systems (NASDAQ: NICE) has launched a cross-asset cloud markets surveillance solution featuring FX and case management capabilities in an era of growing demand for top-of-line trade surveillance technology, especially in terms of coverage expansion for asset classes. Nice Systems was founded in 1986 as Neptune Intelligence Computer Engineering (NICE) […]

cloud

NICE Actimize, a subsidiary of NICE Systems (NASDAQ: NICE) has launched a cross-asset cloud markets surveillance solution featuring FX and case management capabilities in an era of growing demand for top-of-line trade surveillance technology, especially in terms of coverage expansion for asset classes.

Nice Systems was founded in 1986 as Neptune Intelligence Computer Engineering (NICE) by 7 Israeli ex-army colleagues. The company initially focused on developing solutions for security and defense applications, but soon refocused their efforts on civilian applications, mainly for contact center, financial services and business intelligence markets. In 2009, the company’s then CEO Haim Shani stepped down to become the general manager of the Ministry of Finance of the State of Israel.

Actimize, the company’s division which specializes in solutions for financial crime, risk and compliance software for the financial services industry, is a significant part of the company’s business. On August 30, 2007, NICE Systems acquired Actimize for $281m, entering the fraud prevention, anti-money laundering and risk management solution markets. Just two years later, NICE Actimize acquired Fortent for $73 million.

2597b02
Puja Agarwal

In this particular new release, from within a single hybrid cloud environment, NICE Actimize’s solution targets foreign exchange, equities, fixed income, futures and options, while meeting the compliance needs and regulatory requirements of both buy-side and sell-side firms. The company has been awarded the 2016 Operational Risk Technology Product of the Year by Risk Magazine for its Sell Side capabilities.

To discuss the launch of the new product, FinanceFeeds reporter Ricardo Esteves had the opportunity of an exclusive interview with Puja Agrawal, General Manager and Global VP, Financial Markets Compliance at NICE Actimize, in New York.

New regulations and coverage for OTC markets present significant challenges for firms due to lack of expertise and data, which are driving the need for “compliance-as-a-service” surveillance technology solutions:

How has the cloud model evolved to meet such challenges?

“Most cloud providers have focused on covering exchange-traded products.  Given NICE Actimize’s heritage and expertise in the OTC markets, we are bringing coverage for OTC products in the cloud including FX, Fixed Income and Swaps/OTC Derivatives.

Bringing such coverage on the cloud, and relying on a vendor with over a decade of experience/expertise on OTC markets, allows firms to address their regulatory requirements without the need to have in-house expertise.  The solution is bundled with the market data and we can work with client data from a variety of sources and formats.”

What is the unique value proposition that NICE Actimize offers in respect to the “hybrid approach”?
 
“We do feel we have a unique approach – no one in the industry covers as many asset classes as we do in the cloud. For example, only NICE Actimize is offering comprehensive markets surveillance coverage to our customers with both deployment options, i.e. On-Premise or Cloud.  This means customers can choose their deployment method by asset classes/instruments, regions or other priorities.

Also unique to us is the fact that we offer comprehensive case management with our solutions, which allows customers to have a holistic view of risk across the organization regardless of deployment choice.  Many financial institutions prefer to have a strategic in-house compliance solution, while they may need a tactical solution in place due to time to market or short term resource concerns.

NICE Actimize can offer true flexibility with its multiple deployment choices.  From business process and end user perspective, it’s a seamless transition given that this same case management provides investigation, workflow, audit and management reports/dashboards.

Time-to-market and lower TCO challenges are creating demand for Cloud based deployment, especially for mid-sized firms:

What is the threshold that opens the door to your solutions?

Financial institutions come to us when they identify the need for a cost-effective, expedient solution—and while institutions of most sizes can take advantage of our hybrid approach; it is particularly the mid-sized firms that have the greatest need.

I also think that the increasing regulatory climate has moved the threshold – there is now so much to manage across so many areas, that we need technology solutions like this to stay compliant. While we have designed our offering to be available for smaller banks it has the scalability to also support larger institutions.

With more than 12 years of experience with OTC instruments, NICE Actimize’s Cloud Markets Surveillance solution is designed to offer turn-key implementation and reduced up-front costs, which means greater affordability for firms of all sizes in exchange for a combination of a core set of out-of-the-box detection scenarios with investigation capabilities, robust query and reporting tools, case management, and compliance oversight capabilities. The company says its Risk Case Manager (RCM) is a fully integrated, web-based case manager that offers efficient alert management, ad hoc investigation, and audit trail functionality.

As a new age of regulatory requirements evolves, so must the regulated firms adapt to such environment. Depending on a firm’s compliance strategy, fully integrated solutions such as NICE Actimize are to be considered, especially for the mid-sized financial institutions.

Read this next

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<