January 15, 2013
NICE Actimize, a NICE Systems (NASDAQ:NICE) business and the largest and broadest provider of a single financial crime, risk and compliance software platform for the financial services industry, announced today that the Actimize Card Fraud Solution has been successfully implemented by National ITMX,
interbank payment provider, providing real-time fraud detection for its 21 member banks. The implementation, fully completed in less than six months, detects fraud in ATM/debit card transactions and will be monitoring a total of nearly 70 million transactions per month.
The Actimize Card Fraud solution, which is part of the Actimize Integrated Fraud Management solutions suite, is being used by ITMX as part of its card fraud monitoring and detection system (CFMD) to monitor transactions in real time, protect its members from fraudulent transactions, and ensure consistent coverage across its member institutions while reducing financial losses and operational costs. In response to the strategic roadmap developed by the Bank of
, National ITMX developed its proprietary framework - the ITMX System - to bring
electronic commerce and payment system up to international best practices and standards. Partnering with Stream I.T. Consulting Ltd. in
, NICE Actimize licensed the Actimize Card Fraud solution to National ITMX earlier this year.
"Our business direction is to serve the country's strategic payment roadmap as initiated by the Bank of
and, as such, it is our duty to ensure that our system is continually improving to cater to the needs of our members in the areas of new service development and customer satisfaction in terms of efficiency and added-value," said Wanna Noparbhorn, Managing Director at National ITMX.
She added, "We selected NICE Actimize's card fraud solution because we realized that we needed to add additional layers of security for our member institutions, as well as create greater awareness regarding fraud. Not only has our relationship with NICE Actimize and its partner, Stream I.T., been positive, but we can now offer a unique service to our members. It has been extremely beneficial to us to implement the NICE Actimize solution, as we have been able to know and understand our customers better, and the outcome has been rewarding."