Access Bank says that it selected ACIs enterprise risk solution for anti-money laundering based on the softwares ability to detect suspicious activity quickly and effectively using neural networks, rules-based strategies and workflow management functionality. The solution is modular in design so it can be expanded to include monitoring for card-based fraud and other risk across the enterprise using an account-based view of transactions.

Nigerias Economic and Financial Crimes Commission (EFCC) and its financial data collection and reporting arm, the Nigerian Financial Intelligence Unit (NFIU), have mandated that local banks comply with international standards for reporting on suspicious transactions.

Proactive Risk Manager will help Access Bank comply with these regulations by enabling the bank to detect suspicious activity in an effective yet efficient manner, the company says. Staff from B2B Solutions, ACIs local partner, will be trained by ACI to provide local, first-line support.

Herbert Wigwe, deputy MD of Access Bank, comments: Our reputation is paramount; therefore, we did not take this decision lightly. We did extensive market research, and concluded that the combination of global experience in electronic payments and risk management, the functionality and modularity of their risk management solutions, and the speed of implementation made ACI Worldwide the ideal vendor for us. We also have the ability, at a later stage, to use the same software base to monitor card transactions for potential fraud attacks, thereby protecting our cardholders.