17.08.2006 13:05:00
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Access Bank Selects ACI Worldwide for Enterprise Risk and Compliance; ACI Software to Enable Anti-Money Laundering Compliance for Leading Nigerian Bank
Access Bank selected ACI's enterprise risk solution for anti-moneylaundering based on the software's ability to detect suspiciousactivity quickly and effectively using neural networks, rules-basedstrategies and workflow management functionality. The solution ismodular in design so it can be expanded to include monitoring forcard-based fraud and other risk across the enterprise using anaccount-based view of transactions.
Nigeria's Economic and Financial Crimes Commission (EFCC) and itsfinancial data collection and reporting arm, the Nigerian FinancialIntelligence Unit (NFIU), have mandated that local banks comply withinternational standards for reporting on suspicious transactions.Proactive Risk Manager will help Access Bank comply with theseregulations by enabling the bank to detect suspicious activity in aneffective yet efficient manner. Staff from B2B Solutions, ACI's localpartner, will be trained by ACI to provide local, first line support.
Herbert Wigwe, deputy managing director of Access Bank Plc,commented, "Our reputation as a leading Nigerian Bank is paramount;therefore, we did not take this decision lightly. We did extensivemarket research and concluded that the combination of globalexperience in electronic payments and risk management, thefunctionality and modularity of their risk management solutions, andthe speed of implementation made ACI Worldwide the ideal vendor forAccess Bank. We also have the ability, at a later stage, to use thesame software base to monitor card transactions for potential fraudattacks, thereby protecting our cardholders."
Richard Launder, president of ACI Worldwide EMEA, said, "We arepleased that Access Bank has entrusted ACI to help them meet therequirements of the EFCC. Our relationship with Access Bank marks animportant milestone for ACI, as they represent our first customer inNigeria, bringing ACI's global reach to 84 countries. We're committedto helping all our customers in Africa take advantage of world-classtechnology for compliance and risk management."
About Access Bank
Access Bank Plc is a full service commercial bank operatingthrough a network of over 80 branches and service outlets located inall major commercial centres and cities across Nigeria. The Bank wasincorporated as a private limited company in 1989 and was one of thefirst to successfully comply with the Central Bank of Nigeria'sbanking consolidation policy through the acquisition of two qualityNigerian banks: Capital Bank International Plc (Formerly CommercialBank Credit Lyonnaise Ltd) and Marina International Bank Ltd. Thethree banks were fully integrated operationally - people, process andtechnology - in a record time of 60 days. The Access Bank Plcintegration model is the model for integration in the bankingindustry.
The merger has propelled Access Bank Plc to rank amongst the top10 Banks in Nigeria with assets in excess of N200 billion and a networth of approximately N30 billion. Access Bank is the first Nigerianbank to attract convertible investment from leading global financialand multilateral finance agencies such as the Dutch FMO and theInternational Finance Corporation, an arm of the World Bank.
Visit Access Bank on the Internet at www.accessbankplc.com
About ACI Worldwide
Every second of every day, ACI solutions are at work processingelectronic payments, managing risk, automating back office systems andproviding application infrastructure services. Founded in 1975, ACI isa leading international provider of solutions for consumer andwholesale banking, retail and cross-industry systems. ACI serves morethan 800 customers in 84 countries including many of the world'slargest financial institutions, retailers and payment processors.Visit ACI Worldwide on the Internet at www.aciworldwide.com.
Any statements in this press release regarding projected resultsare preliminary and "forward-looking statements" within the meaning ofthe Private Securities Litigation Reform Act of 1995. In addition,this press release may contain other forward-looking statementsincluding statements regarding Transaction Systems Architects, Inc.'s("TSA"), its subsidiaries or third parties' expectations, predictions,views, opportunities, plans, strategies, beliefs, and statements ofsimilar effect. The forward-looking statements in this press releaseare subject to a variety of risks and uncertainties. Actual resultscould differ materially.
For a detailed discussion of these and other risk factors,interested parties should review the Company's filings with theSecurities and Exchange Commission, including the Company's Form 10-Kfiled on December 14, 2005, the Company's Form 10Q filed on February9, 2006, the Company's Form 10Q filed on May 10, 2006, and theCompany's Form 10Q filed on August 9, 2006.
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