NICE Actimize released IFM-X, its next-generation Integrated Fraud Management (IFM) platform that leverages automation and machine learning to optimize effectiveness while reducing the total cost of implementing and operating an enterprise fraud risk management system.
By utilizing NICE Actimize’s IFM-X, financial institutions will be able to integrate data into their fraud detection systems and utilize analytics, while optimizing fraud operations efficiency.
Leveraging NICE Actimize’s experience in fraud management, the IFM-X platform marks another advancement in its Autonomous Financial Crime Management strategy. The platform allows financial services organizations to integrate data, and cope with data growth in a cost-effective manner.
NICE Actimize’s IFM-X provides machine-led detection, decisioning and self-learning capabilities that can adapt and scale to meet the needs of a financial services organization’s operations. Through an open, services-based architecture, NICE Actimize IFM-X leverages the recently introduced NICE Actimize X-Sight Platform-as-a-Service for developing and optimizing fraud analytics fueled by market-wide collective intelligence.
“Rapidly changing demands in the fraud marketplace led NICE Actimize to develop the new IFM-X platform in response to our customers’ challenging requirements,” said Craig Costigan, CEO, NICE Actimize. “This new platform unleashes the power of our market-leading fraud expertise coupled with expert-led machine learning technology to enable superior protection against constantly evolving and malicious fraud attacks.”
Capabilities for the NICE Actimize IFM-X platform include:
Data integration – Using automated tools and a real-time big data repository, financial institutions can integrate new data sources, both structured and unstructured, to their fraud hub in minutes.
Augmented intelligence – Combining machine learning with human expertise equates to better detection. Expert features, built over many years in the field by data scientists as part of customer implementations, are fused with machine learning features which are discovered by running algorithms on deep sets of trained and untrained data to provide accuracy in detection.
Open AI – The new X-Sight Studio, included with IFM-X, provides data driven, machine-led analytics development with expert fraud features. Machine Learning analytics may be developed, tested and validated in the cloud and deployed in IFM-X’s AI engine for immediate use in detection. This accelerates the time to value for analytics.
Entity InsightsTM – The IFM-X platform moves financial institutions beyond transaction-based analysis to a visual view of entity risk for resolution providing efficiency gains for operations teams.