Bengaluru headquartered information technology (IT) services major Infosys has partnered with Nice Actimize, a digital security and risk compliance services provider in the financial sector, to distribute the latter’s financial crime software solutions
Nice Actimize is part of the Ra’anana, Israel-based NICE, which provides data security, online surveillance and telephonic conversation recording services. It claims to have over 25,000 organisations as clients. Its Actimize division specialises in financial fraud management, anti-money laundering, financial markets and risk compliance.
“Leveraging Infosys SaaS and managed services powered by NICE Actimize, we will be able to deliver significant value for our clients by focusing on three key dimensions – speed, cost savings, and future-proofing,” Ajay Vij, head of Financial Services business of EMEA (Europe, the Middle East and Africa) region at Infosys said in a statement.
Through the partnership, Infosys will make NICE Actimize’s solutions available to its clients via the cloud or on-premises environment, a joint statement by the two collaborating companies said.
The Salil Parekh-led company will package the products via an ‘Infosys Actimize digital suite’ product, aimed at faster marketing, predictable implementation and reduced cost.
“We believe that this powerful partnership will rapidly expand our network of NICE Actimize’s financial crime, data intelligence and cloud solutions at a critical time, while allowing us to provide enhanced customer support and services across the globe,” Craig Costigan, CEO, of NICE Actimize said.
The global anti-money laundering solution market size is projected to grow to $3.6 billion by 2024 from $1.5 billion in 2019, at a compound annual growth rate (CAGR) of 19.5%, according to a 2019 report by market research company Research and Markets. The report lists NICE as one of the major vendors in the sector. Other players include several global companies such as FICO, BAE Systems, SAS Institute, Experian, LexisNexis, Fiserv, Oracle, Finacus Solutions and Nelito Systems.
Last month, Infosys reported a dismal 0.8% sequential revenue growth in its operations at Rs 23,267 crore owing to Covid-19 pandemic. On a year-on-year basis, the topline grew by 8% during the quarter. According to a Gartner report, domestic technology companies are expected to grow 6.5% in constant currency terms to $14 billion by December-end.
Although the Indian IT services industry could be staring at a washout financial year, some experts believe the sector may find some respite from orders coming in from the banking, financial services and insurance (BFSI) companies.