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NICE Actimize to support TONIK’s digital banking platform launch

NICETONIK, a Singapore-based licensed digital-only bank in Southeast Asia, has selected New Jersey-headquartered NICE Actimize, a subsidiary of Israel-based NICE, for the implementation of the Essentials Anti-Money Laundering solutions and supporting the development of a secure banking environment for TONIK’s new customer base.

Greg Krasnov, Founder & Chief Executive Officer, TONIK stated, “We are pleased to partner with industry-leader NICE Actimize to support our launch of the first pure-play neobank digital platform in the Philippines. We believe that digital banking is capable of operating on a higher level of financial compliance than traditional banks, and our partnership with NICE Actimize is strongly indicative of the higher standard of trust, reliability and compliance that we intend to foster in the digital banking space across Southeast Asia.”

TONIK was recently approved to establish a regulated bank in the Philippines. It provides retail financial products including deposits, loans, current accounts, payments, and cards on a secure digital banking platform.

Craig Costigan, CEO, NICE Actimize mentioned, “As digital banking becomes more widely accepted, regulators continue to examine compliance rules for this new banking channel. We look forward to providing TONIK with the necessary support to address the changing requirements that it may face throughout the region. As innovators such as TONIK bring much needed banking services to the Philippines and beyond throughout Southeast Asia, NICE Actimize looks forward to launching its cloud-based anti-money laundering solutions in support of its secure digital banking platform.”

AML Essentials, a cloud-based offering that is built upon NICE Actimize’s end-to-end anti-money laundering platform, addresses the challenges of digital transformation and the online banking environment. Its coverage includes transaction monitoring, customer due diligence, and sanctions screening capabilities. Leveraging NICE Actimize’s enterprise solutions, AML Essentials offers rapid deployment and reduces overhead to make compliance easier and at a lower total cost of ownership.

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