NICE Actimize has introduced ARCHIVE-X, an innovative cloud-based solution that serves as a comprehensive archiving and records management system for financial services firms. Tailored for buy-side and sell-side entities, online trading platforms, insurance companies, and wealth management firms, ARCHIVE-X offers a unified solution to meet regulatory requirements for communications archiving and records management. The platform enhances records lifecycle management by securely archiving all communications in the NICE Compliance Cloud, minimizing compliance risk.
“Communication archiving and retention remains a serious challenge. Global regulators have issued massive fines at record levels for failures by financial firms and their employees to maintain and preserve required communication records. ARCHIVE-X can assist in managing this data securely and effectively while protecting both the institution and investors from recordkeeping lapses,” said Chris Wooten, Executive Vice President, NICE.
ARCHIVE-X is designed to be open, allowing it to capture and store any communications and related data financial institutions require for regulatory or other purposes. It can seamlessly ingest communications from NICE's NTR-X compliance recording solution and other data sources.
Regarding the financial sector, NICE Actimize has recently unveiled three generative AI-based solutions to combat financial crime and enable organizations to streamline labor-intensive tasks in financial crime investigations and reporting.
Support to hundreds of employee communication types
The platform supports over a hundred different regulated employee communication types, eliminating data silos and accommodating various communication platforms. Whether originating from front or back-office systems, unified communications platforms, chat platforms, or mobile phones, ARCHIVE-X efficiently manages diverse communication types in a unified repository.
Key communication types archived by ARCHIVE-X include email (Outlook 365), eComms (chat, IM), voice, video, screen share, SMS, social media, document sharing, CRM, and more. The platform can work in tandem with NICE Actimize's SURVEIL-X surveillance solution or integrate seamlessly with third-party solutions.
Robust security features
ARCHIVE-X provides additional benefits, including robust security features such as advanced data encryption, WORM-compliant archiving, SOC-audited data centers, and 24/7 security threat monitoring. The platform simplifies data governance by centrally controlling retention limits for various communication types, reducing the need for meticulous data retention management across multiple systems.
When combined with NICE Actimize's compliance solutions, NTR-X Compliance Recording, and SURVEIL-X Holistic Conduct Surveillance, ARCHIVE-X forms part of Compliancentral. This integrated platform creates the world's first holistic end-to-end communication and trade compliance solution, streamlining communications capture, archiving, and surveillance in the cloud. Compliancentral eliminates the need for complex integrations, ensuring seamless interoperability and providing a comprehensive solution to compliance challenges.
Back in April, NICE Actimize launched ActOne10 Case Management, a solution designed to help financial institutions combat financial crime by improving their case management process.
