Verafin doesn't simply sell fraud detection and compliance automation software. We pride ourselves on taking a collaborative approach to helping our customers achieve success. It starts and ends with our dedicated team of technical, training and support resources who work closely with our customers to ensure we capture all relevant data from the financial institution’s disparate data systems, install and initially configure the solution, deliver effective training and provide ongoing support to maximize adoption.
Specific Verafin services include:
Verafin is able to integrate with a wide variety of transactional data systems, including:
Our technical staff has extensive experience in designing data extracts, including over 65 unique core banking systems. Verafin is also able to integrate with Automated Clearing House (ACH), wire, and card systems to ensure that all member transactional and demographic data is consolidated prior to analysis.
Verafin can import ACH transaction files from third-party ACH service providers, such as the Federal Reserve. The typical approach to importing ACH transactions is for the authorized user to download the ACH files from the ACH system, place them in the drop folder where Verafin will automatically import and analyze the files for watch list matches or suspicious transactions. Alternatively, the import and analysis can be manually triggered for immediate processing by Verafin. Verafin also supports International ACH Transaction (IAT) file processing for possible watch list matches.
Integration with wire system data (for example Fedwire transactions or SWIFT messages) is accomplished by an authorized user uploading the relevant files to the drop folder and having Verafin automatically import and analyze the files during its nightly processing, or manually triggering the import and analysis process.
Verafin supports integration of transactional data from debit and/or credit card systems. While many institutions have already integrated these systems into their core banking system (in which case most of the data they contain is already included in the core data extract), in cases where such integration has not been completed, Verafin allows an authorized user to upload card files and to have Verafin automatically import and analyze the files during its nightly processing, or to manually trigger the import and analysis process.
Typically, a Verafin project manager is assigned to each customer to review all aspects of the installation and training, and to serve as a single point of contact going forward. For in-house installations, we assist our customer’s technical staff by defining all hardware requirements, helping to set up the data extracts, and completing the initial configuration of the system. Our technical and training resources also work closely with our customers to validate data quality and address data issues prior to moving the system into daily production; subsequent data quality monitoring continues for 3-6 months after training is complete.
Once several days worth of data extracts have been generated and imported from the core banking system, instructor-lead training with end-users begins. Training is conducted online through WebEx over a several week period so that the end-users do not become overwhelmed with information. Training manuals and self-paced videos are also provided. Outside of formal training sessions, we also deliver webinars to review and share best practices, and to introduce new features and functionality.
Verafin is committed to providing quality support to all its customers. We have a full-time dedicated customer technical support team. Unlimited access to Verafin technical support is included in the annual support fee; there are no other costs associated with contacting technical support to resolve an issue.