NICE Actimize Launches ARCHIVE-X, a Comprehensive Communications Archiving and Records Management SaaS Solution

Rhea-AI Summary

NICE Actimize launches ARCHIVE-X, a cloud-based solution for financial industry regulatory record keeping. ARCHIVE-X provides comprehensive archiving and records management for various communication types, offering high security, scalability, and cost-effectiveness. It integrates with existing platforms and supports regulatory requirements, reducing compliance risks.

Insights

Financial Compliance Expert

The introduction of NICE Actimize's ARCHIVE-X represents a significant advancement in regulatory compliance technology for the financial sector. This solution addresses a critical need for a centralized and secure method of archiving all forms of communication, which is a regulatory requirement for financial institutions. The ability to manage and retain various types of regulated employee communications in one system simplifies the complex and often fragmented process that firms currently face.

From a compliance standpoint, ARCHIVE-X's capability to integrate with different communication platforms and manage extensive data volumes is particularly noteworthy. By providing a unified archiving system, it potentially reduces the risk of non-compliance and the associated hefty fines that have historically been imposed on institutions for recordkeeping failures. Furthermore, the cloud-based nature of ARCHIVE-X offers financial firms scalability and cost efficiency, which are crucial in today's dynamic market environment.

It is also important to highlight the solution's commitment to security, with advanced encryption and SOC-audited data centers. Such features are essential for maintaining the integrity and confidentiality of sensitive financial communications.

Technology Analyst

ARCHIVE-X's open and agnostic architecture is a game-changer for financial service firms that require a high degree of interoperability for various communication tools. The ability to capture and store data from multiple sources, including NICE’s own NTR-X compliance recording solution, reflects a trend towards more integrated and seamless technology solutions in the industry.

The mention of an availability SLA (Service Level Agreement) of 99.99% underscores the solution's reliability, an aspect that is paramount for financial institutions that cannot afford downtime due to the real-time nature of financial transactions. Additionally, the SaaS model leveraged by ARCHIVE-X aligns with the broader industry shift towards cloud services, which offer not only scalability but also resilience and flexibility in data handling.

Moreover, the integration with NICE Actimize's SURVEIL-X surveillance solution indicates a holistic approach to compliance. By unifying capture, archiving and surveillance, ARCHIVE-X may streamline operations and minimize the need for multiple compliance systems, which can be both costly and complex to manage.

Market Research Analyst

The launch of ARCHIVE-X can be viewed as a strategic move by NICE within the compliance and regulatory technology market, which is experiencing growing demand due to increasing regulatory scrutiny. The financial industry's need for robust compliance solutions is driven by both the rise in the volume of communications and the diversity of platforms used in the modern workplace.

As financial firms continue to navigate a complex regulatory landscape, solutions like ARCHIVE-X that offer end-to-end compliance capabilities will likely become more attractive. The ability to eliminate data silos and ensure interoperability across different communication platforms could give NICE a competitive edge and potentially increase its market share in the compliance technology segment.

For stakeholders, the long-term benefits of adopting a comprehensive solution like ARCHIVE-X include not only compliance with current regulations but also the agility to adapt to future regulatory changes. This could lead to more predictable operational costs and reduced risk of regulatory penalties, which in turn could have a positive impact on a company's reputation and financial performance.

The new omni-channel enterprise cloud archive solution provides a single source for financial industry regulatory record keeping

HOBOKEN, N.J.--(BUSINESS WIRE)-- NICE Actimize, a NICE (NASDAQ: NICE) business, today announced the launch of ARCHIVE-X, a cloud-based, all communications-in-one archiving and records management solution for financial services firms. NICE Actimize’s ARCHIVE-X provides buy-side, sell-side, and online trading platforms, as well as insurance and wealth management firms, with one solution that supports the regulatory requirements for communications archiving and records management. With ARCHIVE-X, firms can achieve more robust records lifecycle management and reduce compliance risk by archiving all communications securely in the NICE Compliance Cloud.

Because ARCHIVE-X is open and agnostic, it can capture any communications and related data the financial institution needs to store for regulatory or other purposes. It can ingest captured communications from NICE’s NTR-X compliance recording solution and other data sources. With the ability to store and manage more than one hundred different regulated employee communication types, ARCHIVE-X eliminates data silos and supports many existing communication platforms. ARCHIVE-X works directly with NICE Actimize’s SURVEIL-X surveillance solution or integrates with third-party solutions.

Among the communication types it may archive are email (Outlook 365) eComms (chat, IM,), voice, video, screenshare, SMS, social, document sharing, CRM, and more. Whether communications originate from the front or back office (via turrets or desktop phones), unified communications platforms (Microsoft Teams, Webex, Symphony, Zoom, RingCentral), chat platforms (Bloomberg, Reuters), or mobile phones, ARCHIVE-X manages all of them in one place.

“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,” said Chris Wooten, Executive Vice President, NICE. “ARCHIVE-X can assist in managing this data securely and effectively while protecting both the institution and investors from recordkeeping lapses.”

NICE Actimize’s ARCHIVE-X also provides these additional benefits:

• ARCHIVE-X provides the highest levels of security with advanced data encryption, WORM-compliant archiving, SOC-audited data centers, 24/7 monitoring for security threats, and more.
• As a cloud-based SaaS (software as a service) solution, ARCHIVE-X offers flexibility, scalability, and cost-effectiveness. With an availability SLA of 99.99%, ARCHIVE-X is highly resilient and can scale to support archiving 6+ terabytes of data daily.
• ARCHIVE-X makes data governance more manageable and failsafe because it controls retention limits for different communication types in one system, virtually eliminating the need to micromanage data retention in different systems.

Together with NICE Actimize’s industry-leading compliance solutions, NTR-X Compliance Recording and SURVEIL-X Holistic Conduct Surveillance, ARCHIVE-X completes the compliance trifecta to form Compliancentral, the world’s first and only holistic end-to-end communication and trade compliance solution platform. Compliancentral unifies communications capture, archiving, and surveillance into a robust cloud compliance platform, eliminating costly integrations and ensuring interoperability.

About NICE Actimize
NICE Actimize is the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators. Consistently ranked as number one in the space, NICE Actimize experts apply innovative technology to protect institutions and safeguard consumers’ and investors’ assets by identifying financial crime, preventing fraud and providing regulatory compliance. The company provides real-time, cross-channel fraud prevention, anti-money laundering detection, and trading surveillance solutions that address such concerns as payment fraud, cybercrime, sanctions monitoring, market abuse, customer due diligence and insider trading. Find us at www.niceactimize.com, @NICE_Actimize or Nasdaq: NICE.

About NICE
With NICE (Nasdaq: NICE), it’s never been easier for organizations of all sizes around the globe to create extraordinary customer experiences while meeting key business metrics. Featuring the world’s #1 cloud native customer experience platform, CXone, NICE is a worldwide leader in AI-powered self-service and agent-assisted CX software for the contact center – and beyond. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, partner with NICE to transform - and elevate - every customer interaction. www.nice.com

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Wooten are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in economic and business conditions; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; changes in technology and market requirements; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications; difficulties in making additional acquisitions or difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners; cyber security attacks or other security breaches against the Company; privacy concerns; changes in currency exchange rates and interest rates, the effects of additional tax liabilities resulting from our global operations, the effect of unexpected events or geo-political conditions, such as the impact of conflicts in the Middle East that may disrupt our business and the global economy; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company's reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240305368413/en/

Corporate Media Contact:

Cindy Morgan-Olson, +1 646 408 5896, ET, NICE Actimize,media@nice.com

Investors

Marty Cohen, +1 551 256 5354, ET, ir@nice.com

Omri Arens, +972 3 763 0127, CET, ir@nice.com

Source: NICE

FAQ

What is the name of the cloud-based archiving solution launched by NICE Actimize for financial services firms?

The cloud-based archiving solution launched by NICE Actimize for financial services firms is called ARCHIVE-X.

What are some of the communication types that ARCHIVE-X can archive?

ARCHIVE-X can archive email, eComms (chat, IM), voice, video, screenshare, SMS, social, document sharing, CRM, and more.

What are some of the benefits of using ARCHIVE-X for financial firms?

Some benefits of using ARCHIVE-X for financial firms include high security levels, advanced data encryption, SOC-audited data centers, scalability, cost-effectiveness, and a 99.99% availability SLA.

How does ARCHIVE-X help in reducing compliance risks for financial institutions?

ARCHIVE-X helps in reducing compliance risks for financial institutions by securely archiving all communications in one place, supporting regulatory requirements, and providing robust records lifecycle management.

What does ARCHIVE-X offer in terms of data governance and retention?

ARCHIVE-X offers manageable data governance by controlling retention limits for different communication types in one system, eliminating the need to micromanage data retention in different systems.