Access Bank Selects ACI Worldwide for Enterprise Risk and Compliance; ACI Software to Enable Anti-Money Laundering Compliance for Leading Nigerian Bank.WATFORD, England -- ACI ACI American Concrete Institute ACI Arch Coal Inc ACI Airports Council International (formerly Airport Associations Coordinating Council) ACI Automobile Club d'Italia ACI American Competitiveness Initiative Worldwide (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :TSAI TSAI Transaction Systems Architects Inc ), a leading international provider of enterprise payment solutions, today announced that Access Bank Plc, one of the largest and fastest-growing Nigerian banks, has selected ACI Proactive Risk Manager(TM) software to automate its procedures in order to comply with Nigeria's Money Laundering The process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. Prohibition Act of 2004 and meet global anti-money laundering requirements. Access Bank selected ACI's enterprise risk solution for anti-money laundering based on the software's ability to detect suspicious activity quickly and effectively using neural networks, rules-based strategies and workflow management functionality. The solution is modular in design so it can be expanded to include monitoring for card-based fraud and other risk across the enterprise using an account-based view of transactions. Nigeria's Economic and Financial Crimes Commission The Economic and Financial Crimes Commission (EFCC) is a Nigerian law enforcement agency that investigates financial crimes such as advance fee fraud (419 fraud) and money laundering. (EFCC) and its financial data collection and reporting arm, the Nigerian Financial Intelligence Unit (NFIU), have mandated that local banks comply with international standards for reporting on suspicious transactions. Proactive Risk Manager will help Access Bank comply with these regulations by enabling the bank to detect suspicious activity in an effective yet efficient manner. Staff from B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business Solutions, ACI's local partner, 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 extensive market research and concluded that the combination of global experience in electronic payments and risk management, the functionality and modularity of their risk management solutions, and the speed of implementation made ACI Worldwide the ideal vendor for Access Bank. We also have the ability, at a later stage, to use the same software base to monitor card transactions for potential fraud attacks, thereby protecting our cardholders." Richard Launder Launder To move illegally acquired cash through financial systems so that it appears to be legally acquired. , president of ACI Worldwide EMEA (Europe, Middle East, Africa) Refers to that region of the world. For example, one might see products packaged differently for the UK, EMEA and Asia Pacific markets. , said, "We are pleased that Access Bank has entrusted ACI to help them meet the requirements of the EFCC. Our relationship with Access Bank marks an important milestone for ACI, as they represent our first customer in Nigeria, bringing ACI's global reach to 84 countries. We're committed to helping all our customers in Africa take advantage of world-class technology for compliance and risk management." About Access Bank Access Bank Plc is a full service commercial bank operating through a network of over 80 branches and service outlets located in all major commercial centres and cities across Nigeria. The Bank was incorporated as a private limited company in 1989 and was one of the first to successfully comply with the Central Bank of Nigeria's banking consolidation policy through the acquisition of two quality Nigerian banks: Capital Bank International Plc (Formerly Commercial Bank Credit Lyonnaise ly·on·naise adj. Cooked with onions: lyonnaise potatoes; potatoes lyonnaise. [From French (à la) Lyonnaise, (in the manner) of Lyon, from Lyon. Ltd) and Marina International Bank Ltd. The three banks were fully integrated operationally - people, process and technology - in a record time of 60 days. The Access Bank Plc integration model is the model for integration in the banking industry. The merger has propelled Access Bank Plc to rank amongst the top 10 Banks in Nigeria with assets in excess of N200 billion and a net worth of approximately N30 billion. Access Bank is the first Nigerian bank to attract convertible investment from leading global financial and multilateral finance agencies such as the Dutch FMO FMO For Members Only FMO Flavin-Containing Monooxygenase FMO Financierings-Maatschappij voor Ontwikkelingslanden (Dutch: Netherlands Development Finance Company) FMO Fire Management Officer (National Park Service) and the International 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 processing electronic payments, managing risk, automating back office systems and providing application infrastructure services. Founded in 1975, ACI is a leading international provider of solutions for consumer and wholesale banking, retail and cross-industry systems. ACI serves more than 800 customers in 84 countries including many of the world's largest financial institutions, retailers and payment processors. Visit ACI Worldwide on the Internet at www.aciworldwide.com. Any statements in this press release regarding projected results are preliminary and "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. In addition, this press release may contain other forward-looking statements including statements regarding Transaction Systems Architects, Inc.'s ("TSA TSA See tax-sheltered annuity (TSA). "), its subsidiaries or third parties' expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect. The forward-looking statements in this press release are subject to a variety of risks and uncertainties. Actual results could differ materially. For a detailed discussion of these and other risk factors, interested parties should review the Company's filings with the Securities and Exchange Commission, including the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed on December 14, 2005, the Company's Form 10Q filed on February 9, 2006, the Company's Form 10Q filed on May 10, 2006, and the Company's Form 10Q filed on August 9, 2006. |
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