NICE Actimize is offering financial firms a new suspicious activity monitoring piece of software which combines machine learning analysis with robotic process automation. It claims that this virtually eliminates the need for firms to search through 'third party data' manually.

The software vendor also makes the large claim that its programme helps financial firms increase the productivity of their teams, and reduces investigation time for a single alert by up to 70%.

The new software also includes:

• expert-infused machine learning, with financial crime analysts overseeing the process;
• automated tuning;
• analysis managed by people using the Cloud, the better to remove the burden of model tuning and 'optimisation' from financial firms, with performance dashboards using cloud-based data allowing them to gauge the performance of their suspicious activity monitoring software and letting them compare it with that of their competitor-firms;
• robots that perform the rote tasks associated with AML operations; and
• visual storytelling, which gives the user a simple graphical view of money laundering cases.

Third party data is data that a marketer acquires from a multitude of outside sources. The term often refers to information gathered from sites all over the Internet; it does not typically come from a single site. It has also been described as any information collected by someone who does not have a direct relationship with the person on whom the data is being collected.