NICE Actimize, a leading Financial Crime Management solutions provider, has introduced a fraud profiling solution for Payment Services Directive (PSD2) compliance and beyond, which is also available as a SaaS solution, to address the unique requirements of PSD2 set by the European Union (EU).

Bolstered by NICE Actimize’s proven experience in real-time payments fraud detection, the purpose-built, secure cloud solution enables faster deployment and lower total cost of ownership, bringing sophisticated fraud analytics to all sizes of financial institutions. The Actimize cloud-based offering provides industry leading, end-to-end fraud management capabilities with real-time transaction risk analysis (TRA), cross-channel fraud detection, and multi-payment coverage, as well as extensive fraud alert and case management functionality.

Leveraging the insights and experience gained from more than a decade supporting the world’s largest banks and FIs, the Actimize fraud profiling solution for PSD2 compliance combines expert-driven models and machine learning algorithms to produce the best possible risk score with the lowest rate of false positives. The solution reduces the need for Strong Customer Authentication (SCA) through risk-based authentication controls and proven low fraud rates. It also allows FIs to meet PSD2 Fraud Reporting requirements and PSD2 profiling compliance under Articles 2 and 18 without significant build and IT investments.

The deadline for Payment Service Providers (PSPs) to have their PSD2 APIs available for external testing was end of March 2019 and now financial Institutions are now faced with meeting the full requirements for a September 14 live date for these APIs.

Craig Costigan, CEO, NICE Actimize, stated, “As a market leader in enterprise fraud in the cloud, with core strengths in authentication, NICE Actimize is prepared to support institutions of all types as they become PSD2 compliant. To win the battle against new fraud threats, financial institutions will need to have in place reporting and monitoring of Open Banking transactions, to provide insight into how they are being used and abused, looking for anomalies along with understanding any new fraud typologies. Our fraud portfolio is ideally suited to meet the needs of this game-changing environment.”

Headquartered in Israel, NICE Actimize provides financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators.

by Vipin Vishwanathan
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