Nice Actimize Fraud & Authentication Management Review

Superior transaction monitoring to crackdown on money laundering


What is our primary use case?

I use this solution for transaction monitoring.

Within my company, roughly 50 people use this solution. Within our other branches, I would estimate that there are roughly 200 people using this solution — mostly analysts and supervisors in charge of compliance.

My team does the testing. From the bank-side, we are the product owner. If there are any requirements from the end-users, we raise it to the Actimize team. If it requires maintenance, then usually the maintenance team handles it, but sometimes, we handle it from our side as well. On my side, we have a team of about 10 to 15 people who can help with maintenance.

How has it helped my organization?

For the past 10 years, anti-money laundering is something that has really developed in Malaysia, especially in Malaysia and Singapore. Anti-money laundering and transaction monitoring solutions are really an important component in our banks — we didn't have this before.

To be honest, I had never used a similar application before but based on my experiences using Actimize, it's a solid application and very user-friendly as well. 

NICE Actimize has actually removed a lot of manual processes, especially related to monitoring our customer's transactions. Based on the rules that we have set, it helps us a lot in the first layer of filtering. It has removed a lot of manual processes as most of our customers perform recurring transactions.

Before we had Actimize, we had to filter or evaluate the same behaviors for the same customers or the same accounts on a monthly basis. Thanks to Actimize, we have certain rules that essentially rule-out these kinds of transactions because, based on our previous evaluation, it is actually a common or normal behavior of the customer. We have actually removed that big part. Now it can really help us in terms of evaluating customer transactions.

What is most valuable?

It's a very good product for compliance and transaction monitoring for anti-money laundering.

When an unusual customer transaction occurs, it triggers an alert that notifies us. 

The UI is very user-friendly.

What needs improvement?

I have experience using Actimize with two different organizations, Citibank and UOB. Both are slightly different in terms of the user interfaces, but when it comes to what rules we set and the threshold in scoring, that actually depends on the bank itself, on the compliance- side. In UOB in particular, the response time was a bit slower than Citibank.

For how long have I used the solution?

I have been using this solution as a tester for almost three years.

What do I think about the stability of the solution?

NICE Actimize is very stable.

What do I think about the scalability of the solution?

I would say that 90% to 95% of the time, when there is an issue scalability-wise, is not a limitation from Actimize. We can actually configure it. 

How are customer service and technical support?

Personally, I found the technical support to be a little slow. I'm not sure if it's because of the setup or the configuration of UOB Actimize, but when we raise an issue, they don't respond very quickly. Sometimes this impacts our project timing which is also a problem for our end-users as well.

How was the initial setup?

I was not involved in the initial setup.

That is handled by the compliance team; we are just a support team that assists them in terms of testing only.

What other advice do I have?

I would recommend this product to any other organization that wants to use it. My advice would be: it is very important to prepare upfront. What is the main theme or types of configurations that you want to do? This is important because after you have implemented it, it will be very difficult to change it in the future. For example, currently, I'm handling a project for two different countries (Thailand and Vietnam), but it's on the same platform. These countries have agreed to use this platform and they will have their own configurations. 

Before that, I was doing a project for Singapore and the Philippines but I did it with two different platforms. It was the same product, but with two different platforms and different configurations. After some time, a few years of using Actimize for Singapore and the Philippines earlier, we decided that these two countries should use Actimize as well, but there were some takeaway points from Singapore and the Philippines that we wanted to change for this different platform for Taiwan and Vietnam.

Whatever issues that we experienced when we did the project for Singapore and the Philippines earlier, we didn't encounter those problems in Taiwan and Vietnam later. It was actually a good lesson learned.

Overall, on a scale from one to ten, I would give NICE Actimize a rating of nine. It's a great solution for project monitoring. 

**Disclosure: I am a real user, and this review is based on my own experience and opinions.
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