NICE Actimize, a NICE company (Nasdaq: NICE) business offering autonomous financial crime management solutions, has launched KYC Xpress, a cloud-powered solution.
According to a release, KYC Xpress automates manual know-your-customer (KYC) processes. It aims to enhance the overall speed, accuracy, and efficiency of processing KYC applications by over 80%.
Time-consuming and laborious KYC processes are required for completing loan applications. However, NICE Actimize’s KYC Xpress can automate these same processes, allowing compliance teams to quickly take care of KYC checks. The company claims that its solutions can reduce several hours of manual steps to minutes.
The company also notes that its solutions will minimize errors by up to 40%.
In addition to helping businesses save costs, the firm’s KYC Xpress solution offers a detailed audit report, which is time-stamped for proof of compliance.
The NICE Actimize KYC Xpress solution is run on a cloud-powered platform. It allows organizations to perform a single search across an extensive set of global data sources.
KYC Xpress ensures that companies are following the relevant KYC regulations and are effectively responding to their clients’ needs and requirements.
Earlier this year, TONIK, an all-digital bank, announced that it would be working with NICE Actimize, in order to develop its Essentials anti-money laundering platforms and also to assist in the creation of secure banking environments for its new clients.
In January 2020, New Jersey-based NICE Actimize confirmed that CipherTrace, a leading provider of digital currency intelligence and blockchain security, had joined the X-Sight Marketplace – which is an established platform for combating financial crime and ensuring compliance.