2010 Year of Momentum for Verafin
36% growth in customers, with strong increase in bank market share highlight banner year
ST. JOHN’S, Newfoundland-March 30, 2011
Verafin Inc., a leading provider of compliance, anti-money laundering (AML) and fraud detection software, today announced another strong year of results for 2010, highlighted by a solid increase in bank market share, including $1 billion plus institutions, 36% growth in bank and credit union customers, and ongoing product innovation.
“Verafin executed strongly to increase our market leading position in bringing innovative technology to banks and credit unions with the very best analytics to detect fraud and money laundering in a single, easy-to-use solution,” said Jamie King, Verafin CEO and president. “Our development team ensures we stay on top of the latest schemes in fraud and money laundering so we can help customers spot the latest forms of suspicious activity. We measure success at Verafin in terms of how we help financial institutions fight financial crime. On that front, and many others, 2010 was our strongest year to date.”
During 2010, Verafin surpassed several critical milestones, including:
- A 36% increase in its customer base from 2009, with nearly 650 financial institutions by year end;
- A continued customer retention rate of 99%;
- Further integrations with core banking systems, bringing the total to just under 60;
- New relationships with Connecticut Online Computing Center, Member Driven Technologies, Synergent and AML RightSource;
- Continued endorsements and recognition by banking associations including California Bankers and Massachusetts Bankers Association;
- Receiving GonzoBankers Big Mo’ (Momentum) Award for Ancillary Systems, an award based on innovative systems for financial institutions;
- Researching, developing and delivering new analytics, and improved case management functionality resulting in a major new release.
“We’re also excited to bring thought leadership to the market as part of the innovation we provide to fighting financial crime,” said Mr. King. “Verafin has always brought fraud and AML processes together, and by creating the term FRAML, the company has really summarized what our customers and the industry expects.”
Verafin is an award winning and intelligent solution that combines fraud detection and anti-money laundering (AML), while providing complete visibility into customer activity, ensuring comprehensive compliance reporting. Easy to use and implement, it is the only solution in the financial services industry that combines fraud detection, anti-money laundering, and regulatory reporting with behavior-based customer monitoring technology in a single platform.