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The advanced watch list filtering solution features real-time screening for parties and payments that leverage AI and biometrics to match and screen for global sanctions

HOBOKEN, N.J. — (BUSINESS WIRE) — Financial services organizations are increasingly challenged to efficiently screen parties and payments against required sanctions lists. With these requirements in mind, NICE Actimize, a NICE (Nasdaq: NICE) business, announces the launch of WL-X, its breakthrough, next-generation Watch List (WL) screening solution leveraging the power of artificial intelligence for superior data management, advanced screening capabilities and frictionless customer onboarding.

NICE Actimize’s WL-X features real-time and on-demand screening for parties and payments that leverages AI and biometrics to match and screen against global sanctions, politically-exposed persons (PEPs), adverse media and other lists. The solution also orchestrates and aggregates list data from premium and public sources with internal lists providing full auditability to ensure accurate screening.

Serving as the foundation for data-driven, advanced screening processes, NICE Actimize’s WL-X solution expedites customer onboarding while reducing friction.The advanced solution also offers best-in-class detection featuring advanced facial biometrics, intelligent payment parsing in compliance with ISO20022, and the industry’s most advanced culture/name matching technology.

“Sanctions screening is a critical function across AML operations, but it still relies on traditional technology and workflows,” said Neil Katkov, PhD, Head of Risk, at research and advisory firm Celent. “It makes sense to apply the next-generation technologies that are already transforming investigation and other areas of AML to these legacy-burdened processes.”

“NICE Actimize’s innovative screening technology supports financial services organizations looking to boost accuracy and efficiency while complying with global regulations,” said Craig Costigan, CEO, NICE Actimize. “A cost-effective anti-money laundering compliance program includes advanced screening capabilities to reduce regulatory risk, generate high quality matches with lower false positives while speeding operational efficiency. And with NICE Actimize WL-X technology, organizations get all of these benefits.”

Additional features of the next generation NICE Actimize WL-X solution include:

Real-time and batch screening capabilities which adhere to regulatory obligations for new and current customers, their counterparties and payments.
Seamless access to aggregated, normalized and verified data from multiple lists sourced from a comprehensive selection of premium and public data sources.
The use of advanced fuzzy matching technologies plus facial biometrics for precise matching capabilities.
Machine-learning driven model optimization to adapt and ensure low false positives.
Full controls across the AML value chain from onboarding to ongoing monitoring and any ad-hoc checks along the way.

NICE Actimize Autonomous Anti-Money Laundering Suite

NICE Actimize’s Autonomous AML modernizes AML programs through a unique combination of AI, machine learning, domain expertise, Intelligent Automation and visual storytelling to better combat money-laundering and terrorist financing. It keeps programs up-to-date with regulatory compliance while creating a single integrated view of the customer. In addition to the new WLF-X solution, the suite includes solutions for Suspicious Activity Monitoring, Customer Due Diligence/KYC, Suspicious Transaction Activity Reporting (STAR), Currency Transaction Reporting (CTR) and X-Sight ActimizeWatch, a secure cloud-based managed analytics service that delivers laser-sharp financial crime detection by actively monitoring analytics performance.

For more information, please visit our web site here.

To join NICE Actimize’s webinar, “Transforming Sanctions Screening: A Discussion with Celent,” please register here.

About NICE Actimize

NICE Actimize is the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators. Consistently ranked as number one in the space, NICE Actimize experts apply innovative technology to protect institutions and safeguard consumers and investors assets by identifying financial crime, preventing fraud and providing regulatory compliance. The company provides real-time, cross-channel fraud prevention, anti-money laundering detection, and trading surveillance solutions that address such concerns as payment fraud, cybercrime, sanctions monitoring, market abuse, customer due diligence and insider trading. Find us at www.niceactimize.com, @NICE_Actimize or Nasdaq: NICE.

About NICE

NICE (Nasdaq: NICE) is the world’s leading provider of both cloud and on-premises enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes deliver better customer service, ensure compliance, combat fraud and safeguard citizens. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, are using NICE solutions. https://www.nice.com.

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Costigan, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in economic and business conditions, including as a result of the COVID-19 pandemic; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; changes in technology and market requirements; decline in demand for the Company’s products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners;, cyber security attacks or other security breaches against the Company; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company’s reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

Contacts

Corporate Media Contact
Cindy Morgan-Olson, +1 646 408 5896, ET, cindy.morgan-olson@niceactimize.com

Investors
Marty Cohen, +1 551 256 5354, ET, ir@nice.com
Yisca Erez +972 9 775 3798, CET, ir@nice.com

Diverse enterprises achieving up to 98% accuracy in invoice data extraction, drastically reducing invoice processing cycle-times, and freeing up FTEs to focus on strategic activities

PRINCETON, N.J.–(BUSINESS WIRE)–#ai–Zycus, a global leader in AI-driven Source-to-Pay software solutions, announced today that its AI-powered, self-learning Merlin Bots have achieved the promised accounts payable efficiency at diverse customer companies, including an automotive giant, a health insurer, a manufacturing company, and a non-profit educational firm. Though belonging to different industry verticals, all these organizations had the same challenge with their accounts payable operations – repetitive and iterative manual processes that reduced efficiency and increased costs.

The health insurer foresaw rapid business growth and wanted to build capacity for a higher volume of supplier invoices. They wanted to truly automate invoice data extraction to reduce human dependency, costs, and full-time-equivalents engaged in the low-value and mechanical tasks of invoice processing. After Zycus’ implementation, the health insurer experienced an accuracy of 98% for line-level invoice data extraction, a 75% reduction in invoice processing cycle-time, and a 50% reduction in the number of manual clicks required to extract and process each invoice.

The automotive giant with $20Bn in revenue participated in a time motion study with Zycus to assess its processes and found invoice processing as low-hanging fruit to reduce costs. That’s when they decided to implement Zycus’ Merlin AP SmartDesk Bots and Invoice Reader Bots. The team has achieved an average of 90% accuracy in the extraction of various invoice fields (such as invoice number, purchase order number, invoice date, supplier name, item description, item quantity, item unit price, and item-total). In the new AP order, the company also has increased visibility into its spending. The use cases were similar at the two other companies – a manufacturing organization and a non-profit educational firm.

Richard Waugh, Vice President- Corporate development shares, “The reason why Merlin AI bots work across the board is they are truly versatile and agnostic to industry, technology, language or invoice templates. We built them in-house, on the back of our 20 years of experience in artificial intelligence. We are able to drive greater than 90% accuracy in all scenarios, and I think it is unmatched in the industry.”

Zycus’ self-learning, AI bots make use of Natural Language Processing (NLP) and Intelligent Invoice Capture. They can plug into any technological, ERP, or accounts payable environment seamlessly.

Bikash Mohanty, Director Product Management concludes, “AP staff should be able to focus on areas of strategic value – managing suppliers, cash, and risk – instead of spending much of their time keying or re-keying invoice data because of a lack of tools or outdated OCR technology that suffers from low accuracy in extracting invoice data. There is a better way – AI can help AP shift from tactical to strategic.”

About Zycus Inc.

Zycus is a leading global provider of AI powered Source-to-Pay suite for procurement, finance, and AP organizations. Our comprehensive product portfolio includes eProcurement, eInvoicing, Spend Analysis, eSourcing, Contract Management, Supplier Management, Financial Savings Management, Project Management, Request Management, Supplier Network, Insight Studio, and Merlin A.I. Suite with intelligent BOTs. Our spirit of innovation and passion to help organizations create greater business impact is reflected among the hundreds of solution deployments that we have undertaken over the years.

Contacts

Ankit Aggarwal – Product Marketing Lead – Zycus Inc

+91 98333 11510