Member Driven Technologies partners with Verafin to help Symitar credit unions detect money laundering and fraud

St. John's, Newfoundland and Labrador, Canada JANUARY 25, 2010

Verafin Inc., a leading provider of compliance, anti-money laundering (AML), and fraud detection software, announces a partnership with Member Driven Technologies (MDT), a Credit Union Service Organization (CUSO) focused on serving the technology needs of credit unions. The agreement enables MDT to offer its credit union customers a full-featured compliance, AML, and anti-fraud solution that integrates seamlessly with the Symitar Episys platform from Jack Henry and Associates.

Verafin helps protect credit unions and banks from the risks associated with fraud and money laundering by providing an intuitive behavior-based approach to analyzing transactional and other data, eliminating the need to create and manage an ever increasing number of if-then rules. Capable of being deployed either in-house or in a hosted environment, Verafin also provides automated risk scoring, watch list scanning, case management, compliance reporting, and third-party vendor management.

"We are excited about the new partnership with Verafin and the opportunity to provide a best in class anti-fraud, anti-money laundering solution to our credit unions," said Larry Nichols, President/CEO of Member Driven Technologies. "We feel that this product is a great addition to MDT's overall service offering and provides our customers a way to address risk and compliance requirements for many different credit union functions, such as Bank Secrecy Act (BSA) and the FACTA Red Flag Rule at a decreased cost of compliance."

Through this partnership, MDT credit unions gain the opportunity to implement automated compliance, AML, and fraud detection software easily and cost effectively. Accessing Verafin through a hosted environment, MDT credit unions eliminate the need to purchase and maintain additional hardware, and reduce the costs and challenges associated with integration and maintenance of an in-house solution.

"We have over 50 customers on Symitar's Episys core processing system, and will bring that expertise to our partnership with MDT," said Jamie King, president of Verafin. "We look forward to working closely with MDT to help protect its clients from the financial, compliance, and reputational risks associated with fraud and money laundering."