21/01/07

Access Bank Selects ACI Worldwide

ACI Worldwide a leading international provider of enterprise payment solutions yesterday announced that Access Bank Plc has selected its Proactive Risk Manager TM software to automate the banks procedures in order to comply with Nigerias Money Laundering Prohibition Act of 2004.  This would also enable Access Bank meet global anti money laundering requirements.

A statement from ACI made available to THISDAY in Lagos yesterday explained that Access Bank selected its 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 (UFIU), have mandated that local banks comply with international standards for reporting on suspicious transactions.  Proactive Risk Manager, ACI stated, will help Access Bank comply with these regulations by enabling the bank to detect suspicious activity in an effective yet efficient manner.  Staff from B2B Solutions, ACIs local partner, will be trained by ACI to provide local and first line support.

Herbert Wigwe, Deputy Managing Director of Access Bank, commented, Our reputation as a leading Nigerian Bank 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 Access Bank.  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

Richard Launder, President of ACI Worldwide EMEA, said, We are pleased that Access Bank has entrusted ACI to help them meet the requirements of the EFCC. Our relationship with Access Bank marks an important milestone for ACI, as they represent our first customer in Nigeria, brining ACIs global reach to 84 countries.  Were committed to helping all our customers in Africa take advantage of world-class technology for compliance and risk management.

Access Bank Plc is a full service commercial bank operating through a network of over 80 branches and service outlets.  With assets in excess of =N=200 billion and a net worth of approximately =N=30 billion, Access Bank is the first Nigerian bank to attract convertible investment from leading global financial and multilateral finance agencies such as the Dutch FMO and the International Finance Corporation, an arm of the World Bank.

Founded in 1975, ACI is a leading international provider of solutions for consumer and wholesale banking retail and cross-industry systems.  ACI serves more than 800 customers in 84 countries including many of the worlds largest financial institutions, retailers and payment processors.