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Wednesday, March 18, 2009

Gartner excites CWG on Actimize

The recent pronouncement of Actimize, a leading provider of transactional risk management software for the financial services industry from NICE Systems company, by Gartner Inc. in its leaders quadrant in Gartner’s first Magic Quadrant for Web Fraud Detection report, is creating some excitement at the ExpertEdge Software & Systems, a subsidiary of Computer Warehouse Group (CWG).

ExpertEdge Software has partnership with Actimize Ltd to bring into the Nigerian financial market a suite of solutions that offer banks, government agencies and other financial institutions with advanced techniques of fraud detection, prevention and compliance with regulations.

This comes in the heels of CBN’s reports of increasing wave of fraud in banks, just as Actimize has implemented its Fraud and Anti-Money Laundering Solutions across the 700 United Bank for Africa (UBA) Retail Distribution Centers in Nigeria.

Sharing this excitement, the corporate marketing manager at CWG, Ms Morenike Popoola, said that they are well pleased to note the development, when Actimize has been deployed by the West Africa’s largest bank, UBA, which further indicates that the solution is international proven transactional risk management software to help protect its global operations.

She quoted Avivah Litan, an analyst at Gartner as saying that driven by regulations and increased cyber attacks, the Web fraud detection market has undergone rapid growth and consolidation during the past three years.

“Innovation is critical in this market to keep pace with difficult-to-predict cyber attacks that increasingly navigate across multiple customer service channels and the Web,” Litan said.

Gartner officials also noted that the criteria for the consideration when evaluating fraud detection solutions, included cross-channel and cross-account fraud detection, real-time fraud detection and transaction-blocking, built in templates and libraries for detecting various fraud types and a policy editor, or an easy way to add rules to the fraud detection operation.

For the chief executive officer, Actimize, Mr. David Sosna, his company was thrilled over the Gartner evaluation of Actimize in its recent Magic Quadrant, which validates the overall market position of the company and the value it delivers to customers on a daily basis.

“Actimize will continue to be at the forefront of innovation by developing and delivering the most robust technology platform and solutions to help combat financial crime.  Our commitment to these core goals is the reason that so many of the world’s largest financial services firms select the Actimize solutions,” Sosna promised.

The Magic Quadrant is conducted by Gartner Incorporated with the latest released last month, February 2009 and serves as a graphic representation of a marketplace at and for a specific time period, showing how certain vendors measure against criteria for that precise marketplace, as defined by Gartner.

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