NICE Actimize has announced its partnership with Philippines-based GoTyme Bank in order to improve its cloud financial crime digital banking platform. Following this announcement, NICE Actimize’s AI and Analytics products will be provided to the bank in order to optimise its financial crime prevention process, aligning with GoTyme Bank’s customer service and overall growth strategy.

The implementation will also support the bank’s recently launched cloud-only platform, which was developed by combining easy account opening procedures with a personalised and secure debit card. The card was launched throughout kiosks that are located in shopping malls in the region of the Philippines. The digital banking venture incorporated a high-tech and high-touch approach, focusing on developing financial products that are accessible to more residents of the Philippines, with the option of self-service accessible through the network of its banking systems.

NICE Actimize will provide multiple cloud-based capabilities, such as anti-money laundering (AML) and enterprise fraud management offerings. These include Customer Due Diligence (CDD-X), Sanctions Screening (WL-X), Suspicious Activity Monitoring, as well as IFM-X end-to-end enterprise fraud prevention.  NICE Actimize’s recent strategy of development US-based fraud prevention company NICE Actimize had multiple partnerships and launches in the last couple of months, covering several different geographies across the globe. In April 2023, the company announced the launch of its AI-based monitoring service, aimed to detect suspicious activity and reduce false positives.

The new product was entitled the Suspicious Activity Monitoring system (SAM-10) and it represented a part of NICE Actimize’s Anti-Money Laundering suite of solutions, relying on an entity-centric AML approach. This delivered multiple layers for segmenting, monitoring, and making sure that it only identifies true suspicious activities. SAM-10 provided customers and partners with in-depth insight into the suspicious activities that took place within their companies, allowing security experts to monitor them accurately and detect them in a fast and efficient manner.

Moreover, the tool incorporated multiple features, such as machine learning for improved anomaly detection, as well as network risk analytics, and model optimisation. Earlier in March 2023, NICE Actimize launched its Money Mule Defence Solution, focused on detecting fraudulent activities through the client lifecycle. The service was set to use AI-based technology in order to leverage a new execution strategy, that utilised diverse algorithms.

This aimed to identify fraud and online threads faster and eliminate them efficiently. In addition, the solution was developed to detect any early mule account activities that were possible to occur throughout the entire customer lifecycle and eliminate them in real-time, for existing users as well as newly created accounts. .