Autonomous Financial Crime Management specialists Actimize unveiled the launch of KYC Xpress, a cloud solution which automates manual KYC procedures.
It comes as provisions in the recently enacted CARES Act, financial services organizations are facing an unprecedented influx of loan applications and the need to expedite KYC operations and procedures, which are often manual and time consuming.
Craig Costigan, CEO, NICE Actimize commented: “Because of the CARES Act’s requirement to process loans expediently, it is NICE Actimize’s priority to reduce the burden on our customers’ operational needs.
“KYC teams are currently inundated with loan applications and are challenged to accomplish a massive amount of work in a reduced timeframe. Whether a firm’s loan applicant is a new or existing customer, KYC Xpress provides the automation and power of global data sources for quick and accurate customer decisioning.”
Labor intensive KYC checks that are required to be performed on loan applicants are generally done manually and require multiple steps. NICE Actimize KYC Xpress seeks to automate these processes, enabling teams to quickly perform KYC checks with confidence.
Stephen Taylor, GVP and General Manager of AML, NICE Actimize added: “Across the globe, governments and central banks have enacted financial stimulus efforts in response to the COVID-19 crisis – going beyond the United States and the stimulus package known as the CARES Act, to include the UK’s COVID Business Support Program, which includes provisions for federally guaranteed loans to help small businesses recover from the effects of the global pandemic.
“These efforts have placed a heavy burden on financial services organizations, as they are now inundated with an unprecedented amount of loan applications. Know-Your-Customer (KYC) teams are even more challenged to complete a massive amount of work in a dramatically reduced timeframe.”
