NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) unit Actimize has won deal with a major global bank to standardize the bank's anti-fraud systems.
NICE said that the deal is worth in the "high seven digits".
The bank, which NICE described as a top-10 global bank, after many acquisitions over several years, will consolidate many legacy fraud detection systems, and build a single fraud detection and prevention system, based on Actimize's platform.
The Actimize packaged solutions will enable the bank to prevent fraud in real-time, across various channels such as Internet, call center, cards, payments and ATMs. The Actimize platform will also support self-development of proprietary fraud models by the bank's internal experts. In addition, the bank will use Actimize's enterprise case management solution to manage fraud investigations across the enterprise.
The bank will also use the Actimize platform and development tools to develop new internal fraud models.
Actimize CEO David Sosna, calling the deal a major milestone for the company, said, "As financial crime and enterprise fraud become more complex and costly, and also move up financial institutions' agenda, we believe that we can significantly leverage this strategic win to drive further growth.
TowerGroup senior research director George Tubin said, "Even as financial services institutions are still clawing their way out of the morass of the global financial recession, investments in fraud prevention and financial crime management remain a necessity."
In July, a US bank said that Actimize's solution had detected 73% of all attempted wire fraud transactions in real time using the data from the wire instruction itself, and that it recovered the value of its full software license investment within the first six weeks of using the product. Acitmize did not name that bank, but said that it was a "top-5 bank".
Recently, Actimize said it was installing its Brokerage Compliance Market Abuse solution at Portugal's third largest bank, Banco Espirito Santo SA.
Actimize is the world's largest and broadest financial crime, risk and compliance solutions provider.
NICE shares closed on Friday at $30.97.
Published by Globes [online], Israel business news - www.globes-online.com - on November 2, 2009
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