Verafin Awarded ACOA’s Atlantic Innovation Fund to Further Advance Their Fraud Detection and Anti-Money Laundering Analytics
St. John’s, NL—May 23, 2012
Verafin Inc. (www.verafin.com), a leading provider of fraud detection and anti-money laundering (FRAML™) software, today announced that they have been selected as one of the Atlantic Canada Opportunities Agency’s (ACOA) approved projects under the Atlantic Innovation Fund (AIF). Verafin’s project will help advance their next generation FRAMLTM analytics to combat fraud and money laundering. This project, with total estimated costs of $4.6 million, will receive approximately $3 million from the Atlantic Innovation Fund.
Verafin’s project is one of five totaling close to $14 million in AIF investments that were announced for Newfoundland and Labrador-based projects. With this project, Verafin will develop the next generation of anti-financial crime technology. Verafin’s advancement of its FRAML (FRaud detection + Anti-Money Laundering) software will introduce cutting-edge advanced analytics to the banking industry to aid in the fight against money laundering and fraud. It will enable financial institutions across North America to protect against a new era of increasingly sophisticated and complex financial crimes.
“The very nature of the industry we work in requires constant innovation to keep ahead of financial crime, and while we are lucky to have some of the brightest and best people working to keep moving Verafin to the next level, we are also thrilled when others see the benefits of what we’re accomplishing and generously help us work towards our goals,” said Jamie King, Verafin President and CEO. “The Atlantic Innovation Fund will help us continue to position ourselves as a North American leader in the fraud detection and anti-money laundering software industry.”
Verafin continues to experience rapid growth of its customer base, with more than 850 customers. Verafin's FRAML solution is a natural choice for financial institutions, as it utilizes artificial intelligence and behavior pattern-based recognition to analyze transactions across multiple transaction channels. Bringing together elements such as an intuitive user interface, risk-rated activity alerts and a fully integrated case management feature, Verafin helps fraud investigators and BSA compliance professionals uncover suspicious activity more effectively. Using one innovative software platform professionals can detect, investigate, document and neutralize suspicious activity—while meeting regulatory requirements.
Verafin is a North American leader in fraud detection and anti-money laundering solutions for financial institutions, with over 850 customers that span 65 core processing systems and a broad asset range. Verafin helps financial institutions comply with the Bank Secrecy Act, USA PATRIOT Act, and FACTA regulations, while also helping to protect against fraud. Verafin is the exclusive provider of fraud detection and BSA/AML software for the California Bankers Association, Massachusetts Bankers Association, CUNA Strategic Services and has industry endorsements in 44 states. For more information, visit www.verafin.com, email us at FRAML@verafin.com or call 1-866-781-8433.
© 2012 Verafin Inc. All rights reserved.