NICE Actimize, a NICE business, has introduced CDD-X, the next-generation Know Your Customer/Customer Due Diligence (KYC/CDD) solution.

The introduction of new solution bolsters the company’s Actimize Autonomous AML solution portfolio. The new offering leverages artificial intelligence and machine learning for customer risk scoring and minimise financial institutions’ compliance risk.

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NICE Actimize CDD-X: Details

NICE Actimize CDD-X leverages X-Sight ActimizeWatch, a cloud-based analytics optimisation service to improve the accuracy of risk ratings.

The solution utilises new Predictive Risk Scoring analytics to improve ongoing monitoring, enhanced due diligence and high-risk customer management.

Additionally, these analytics are helpful in increasing the accuracy of customer risk ratings during on-boarding process.

The cloud-based application also reduces associated costs spend on the maintenance of antiquated KYC-AML systems.

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NICE Actimize CEO Craig Costigan said: “NICE Actimize’s CDD-X is a game changer, helping organisations bring relief to what is currently a massive spend, while improving accuracy when assessing customer risk.

“A robust AML programme starts with a strong KYC/CDD process.

“Regulatory agencies across the globe are encouraging financial institutions to explore technology innovations incorporating AI and machine learning to improve their compliance programmes, and CDD-X is a good place to start in any journey to stronger, more cost-effective AML compliance.”

The NICE Actimize CDD-X solution also offers a visual and holistic view of entity risk for swift resolution and embedded automation to streamline various tasks.

Furthermore, it utilises a set of pre-built connectors to increase the accuracy of customer risk ratings.

Recently, US mobile bank Varo Money tapped NICE Actimize to enhance its anti-money laundering controls.