NICE Actimize, a NICE (NASDAQ: NICE) business, announced the launch of ARCHIVE-X, a cloud-based, all communications-in-one archiving and records management solution for financial services firms.
NICE Actimize’s ARCHIVE-X reportedly “provides buy-side, sell-side, and online trading platforms, as well as insurance and wealth management firms, with one solution that supports the regulatory requirements for communications archiving and records management.”
With ARCHIVE-X, firms can achieve “more robust records lifecycle management and reduce compliance risk by archiving all communications securely in the NICE Compliance Cloud.”
Because ARCHIVE-X is open and agnostic, it can “capture any communications and related data the financial institution needs to store for regulatory or other purposes. It can ingest captured communications from NICE’s NTR-X compliance recording solution and other data sources.”
With the ability to store and manage “more than one hundred different regulated employee communication types, ARCHIVE-X eliminates data silos and supports many existing communication platforms. ARCHIVE-X works directly with NICE Actimize’s SURVEIL-X surveillance solution or integrates with third-party solutions.”
Among the communication types it may “archive are email (Outlook 365) eComms (chat, IM,), voice, video, screenshare, SMS, social, document sharing, CRM, and more. Whether communications originate from the front or back office (via turrets or desktop phones), unified communications platforms (Microsoft Teams, Webex, Symphony, Zoom, RingCentral), chat platforms (Bloomberg, Reuters), or mobile phones, ARCHIVE-X manages all of them in one place.”
Chris Wooten, Executive Vice President, NICE, said:
“Communication archiving and retention remains a serious challenge. Global regulators have issued massive fines at record levels for failures by financial firms and their employees to maintain and preserve required communication records. ARCHIVE-X can assist in managing this data securely and effectively while protecting both the institution and investors from recordkeeping lapses.”
NICE Actimize’s ARCHIVE-X also provides these additional benefits:
ARCHIVE-X provides the highest levels of security “with advanced data encryption, WORM-compliant archiving, SOC-audited data centers, 24/7 monitoring for security threats, and more.”
As a cloud-based SaaS (software as a service) solution, ARCHIVE-X says it “offers flexibility, scalability, and cost-effectiveness.”
With an availability SLA of 99.99%, ARCHIVE-X “is highly resilient and can scale to support archiving 6+ terabytes of data daily.”
ARCHIVE-X makes data governance “more manageable and failsafe because it controls retention limits for different communication types in one system, virtually eliminating the need to micromanage data retention in different systems.”
Together with NICE Actimize’s compliance solutions, NTR-X Compliance Recording and SURVEIL-X Holistic Conduct Surveillance, ARCHIVE-X completes “the compliance trifecta to form Compliancentral, the world’s first and only holistic end-to-end communication and trade compliance solution platform.”
Compliancentral unifies communications capture, “archiving, and surveillance into a robust cloud compliance platform, eliminating costly integrations and ensuring interoperability.”