Verafin Inc., an industry-leading, cloud based cross-institutional Fraud Detection and AML (FRAMLx) collaboration software provider, announced that is has been selected by the Independent Community Bankers of America (ICBA) as their newest Preferred Service Provider.
Having earned the stamp of approval as an ICBA Preferred Service Provider, Verafin offers community banks specialized services to help them comply with regulations, collaborate, and detect financial crime related to drug dealing, terrorism, and human trafficking.
“As guardians of financial assets and intermediaries of transactions, community banks find themselves as a front-line defense against criminal activity,” said Dan Clancy, ICBA executive vice president of services. “As the newest Preferred Service Provider, Verafin helps community banks to identify and investigate suspicious transactions, thereby ensuring regulatory compliance, protecting their customers, and aiding law enforcement.”
Verafin was selected because it is known for its financial crime detection software and powerful analytics, in addition to their dedication to innovation and customer service. Aligning with its reputation for fighting financial crime and continued innovation, Verafin launched FRAMLx in August 2015. FRAMLx is the newest enhancement that enables cross-institutional detection of suspicious activity and facilitates collaboration and Section 314(b) information sharing between financial institutions. The combination of the FRAMLx detection and collaboration helps institutions gain a holistic view of their customer’s behavior and increases awareness of suspicious activity that can span multiple institutions.
“Verafin is very excited about our partnership with ICBA,” says Andrew King, Verafin COO. “Our goal is to help institutions be compliant while uncovering more suspicious activity and reducing financial crime. We feel that this new relationship with ICBA will help connect community banks and together we can catch more financial crime through the detection and collaboration power of FRAMLx.”
About ICBA
The Independent Community Bankers of America®, the nation’s voice for more than 6,500 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit www.icba.org.