ACI Worldwide, a leading international provider of
enterprise payment solutions, has announced that Zenith Bank Plc, a
leading West African Bank based in Lagos, Nigeria, has selected ACI
Proactive Risk Manager software to automate its procedures in order to
comply with the national Money Laundering Prohibition Act of 2004.*
Zenith Bank selected ACI Proactive Risk Manager for Anti Money
Laundering to detect suspicious activities quickly and effectively using
neural networks, rules-based strategies and workflow management
software. The solution is modular in design so it can be expanded to
include monitoring for issuer fraud and managing risk across the
enterprise, with an account-based view of transactions.
Nigeria’s Economic & Financial Crimes Commission (EFCC) and its
enforcement arm, the Nigerian Financial Intelligence Unit (NFIA), have
mandated that local banks comply with international standards for
reporting on suspicious transactions. Proactive Risk Manager will help
Zenith Bank comply with these regulations by enabling the bank to detect
suspicious activity in an effective yet efficient manner. Staff from B2B
Solutions, ACI’s local partner, will be trained by ACI Worldwide to
provide local first line support.
Tunji Olanipekun, chief inspector of Zenith Bank Plc, said, “As Zenith
Bank continues to make significant gains in market share, resulting in
increases in transaction volumes, the need for a sophisticated solution
to automate our reporting procedures to the NFIU was apparent. The
reputation of ACI as a global leader in electronic payment technology
combined with the advanced functionality and scalability of their
Proactive Risk Manager software and the company’s commitment to this
market made them the ideal partner for Zenith Bank. This implementation
will lay the foundation for enhanced cardholder protection.”
Steve Wright, president of ACI Worldwide EMEA, said, “We are delighted
that a leader in their market trusts ACI to help them meet the
requirements of the EFCC. Zenith Bank is the second customer in Nigeria,
along with Access Bank, to license our Proactive Risk Manager software.
ACI will continue to invest in building our business in Africa as the
payments industry matures.”