NICE Actimize won the Fintech Breakthrough Fraud Prevention Innovation Award for its IFM-X Integrated Fraud Management platform.
This is the second year in a row NICE won the award. Nominees in the category must address the question of how their company or product differentiates itself in a crowded FinTech market, with a focus on innovative solutions that address a true need. Judges in the competition are FinTech professionals with a wide range of expertise including technology leaders and journalists.
The IFM-X platform is a machine learning fraud prevention technology that uses a combination of data integration, augmented intelligence, machine learning, and holistic (as opposed to transaction based) risk modeling. In a January, 2019 press release announcing the platform, the company stated that “the modernized platform allows financial services organizations to more easily integrate data, and better cope with data growth in a more cost-effective manner.”
FinTech Breakthrough judges recognized the way this new ‘big data repository’ allows structured and unstructured data sources to be leveraged by financial institutions as worthy of winning the award.
In a statement about the win, Nice Actimize’s CEO Craig Costigan emphasized their experience as the main factor driving their innovation.
“NICE Actimize’s industry-proven experience and broad range of enterprise fraud applications are helping financial services organizations in their journey to adapt to a rapidly changing environment, saving both time and money in the process,” he said. “With our deep expertise combined with artificial intelligence and other advanced technologies, we are supporting financial services organizations as they cope with this complex environment.”
In a statement about the award, FinTech Breakthrough Managing Director James Johnson also praised the company for its back-to-back wins:
“Fraud prevention and authentication management is a competitive category, and it is rare for an organization to earn these honors across two consecutive years,” he said. “We were thrilled to recognize NICE Actimize as a leading innovator distinguishing itself among this crowded field with its IFM-X platform. Congratulations to the entire NICE Actimize fraud team for this well-deserved industry recognition.”