NICE Actimize rolls out a new archiving and records management solution for financial services firms

NICE Actimize, a company that helps others assess the risks they face, stay compliant with regulations, and stay ahead of financial crime, recently launched a new cloud-based solution called ARCHIVE-X. This is a product designed for financial services companies, offering comprehensive archiving and records management of all communications.

What is ARCHIVE-X about?

ARCHIVE-X is a new, comprehensive solution that offers all archiving and records-related services in one platform. It addresses the needs of sell-side, buy-side, as well as online trading platforms, wealth management firms, and even insurance companies. It supports regulatory requirements for communications archiving and records management.

All of the activities take place in the NICE Compliance Cloud, including securely archiving communications. This allows firms to enhance the records lifecycle management while mitigating compliance risks at the same time.

According to NICE’s executive VP, Chris Wooten, communication archiving and retention is still a rather serious challenge for financial firms. He pointed out that regulators around the world are issuing massive fines at record levels for financial companies’ failures to comply. That includes the firms’ and their employees’ failure to maintain and preserve required communication-related records.

ARCHIVE-X solves this by assisting in managing this data in a secure and effective way. At the same time, it protects both investors and institutions from recordkeeping mishaps.

What makes ARCHIVE-X unique?

The solution immediately stands out thanks to its agnostic and open design. As such, it is capable of capturing any required communications or other related data, whether for regulatory or other purposes.

Finally, the solution is also able to integrate captured communications from NICE’s NT-X compliance recording solution, but also a number of other sources. In fact, it supports more than one hundred types of regulated employee communications.

With such capabilities, it completely eliminates the need for data silos, while at the same time, it maintains compatibility with numerous existing communication platforms, which further stresses the ease of use and convenience. Simply put, ARCHIVE-X was designed to work seamlessly and integrate with both third-party solutions, as well as NICE’s own SURVEIL-X surveillance solution.

As for the supported communication types, it includes chat, email, video, voice, IM, SMS, screen share, document sharing, social media, CRM, and more. It can be integrated with unified communications platforms, office phones, and even mobile phones.

With it, users receive additional benefits, including advanced security features, WORM-compliant archiving, data encryption, and constant threat monitoring. Thanks to it being a cloud-based SaaS solution, it comes with increased flexibility and scalability, while maintaining availability for 99.99% of the time.