Prepaid financial services company Green Dot Corp. has chosen NICE Actimize to provide a comprehensive suite of risk management solutions as the company positions itself for continued growth and market leadership.
NICE Actimize’s Card Fraud, AML Suspicious Activity Monitoring, Know Your Customer/Customer Due Diligence and Enterprise Risk Case Manager solutions will help Green Dot in its efforts to continue to detect and prevent fraud and money laundering activity, as well as manage related investigations and regulatory reporting requirements.
Green Dot is a provider of general purpose reloadable prepaid cards with more than 3.3 million active cards as of Sept. 30, 2010. As the prepaid card market and the company have grown, Green Dot realized a need to advance the sophistication of its systems and adopt an enterprise solution that would provide greater operational efficiencies and flexibility. NICE Actimize’s risk and compliance solutions provide financial organizations like Green Dot with the ability to leverage proven, packaged solutions and technology that can be adapted to meet the card industry’s expanding needs.
“The prepaid card space is rapidly expanding, and we want to remain at the forefront of the industry by leveraging compliance and risk management technology that provides the breadth and flexibility required for growth as our organization and industry evolve," said John Morton, chief risk officer for Green Dot. “NICE Actimize’s enterprise approach to mitigating and managing fraud and money laundering risks affords us the opportunity to better service our customers, while also increasing the efficiency of our internal investigations workflow and reporting."
Green Dot will implement the Actimize Card Fraud solution to enable real-time fraud prevention, the Actimize AML Suspicious Activity Monitoring solution to address its anti-money laundering obligations with greater operational efficiency, and the Actimize Know Your Customer/Customer Due Diligence (KYC/CDD) solution to support intelligent risk-based authorization and loading decisions for new and existing card customers. The Actimize Enterprise Risk Case Manager solution will provide an enterprise-level view of customer activity across the enterprise. Built on a single core risk platform, NICE Actimize says its solutions connect seamlessly to provide comprehensive risk management and compliance support.
