NICE Actimize, the compliance software company, has developed a platform called X-Sight to help financial firms pull their financial crime management efforts together into one strategy.

The platform uses advanced analysis, artificial intelligence (AI) and machine learning on an 'open platform' i.e. a platform powered by technology that is freely available through open licences and is designed to allow people all over an organisation to collaborate with each other and to share information about, and to help each other apply, 'best practice.'

NICE Actimize refers to X-Sight as an advanced machine-learning based platform-as-a-service, which means that the bank in question need not run its own platform but can allow NICE Actimize to do the job on its behalf. Put another way, it is a combination of software and hardware that provides an operating system on which developers can create and deploy various things without administering the underlying system software. It is deployed in the Cloud.

NICE Actimize’s Autonomous Financial Crime Management strategy is focused on the targeted use of Big Data. The firm claims that the platform is bound to help financial firms move more and more of their technology into the Cloud. Its emphasis on "open, services-based architecture built on the cloud" is another allusion to the fact that NICE runs the platform on behalf of others, relieving them of the burden. It states that this is the first time anyone has done this in the context of financial crime control.