Verafin Inc., North America’s leading Fraud Detection and Anti-Money Laundering (AML) software provider, announced a new exclusive partnership with the Illinois Bankers Association (IBA) today. After an extensive review of fraud detection and AML software vendors, the IBA chose Verafin and its industry-leading FRaud detection and Anti-Money Laundering (FRAML) software suite to protect its vast network of member banks from the damages of financial crime.
“One of IBA’s priorities is to offer our members the best available technology to help protect themselves and their customers from the many facets of financial crime,” said Illinois Bankers Association President and CEO Linda Koch. “As a result, our new partnership with Verafin is very exciting for us to announce. We looked closely at a number of software vendors and, at the end of the process, feel that Verafin stands head-and-shoulders above the rest. They have a clear dedication to innovation and staying a step ahead of criminals, plus an industry-wide reputation for exceptional customer support, all of which will have a very positive impact for our members. It is clear their state-of-the-art technology will help our banks proactively prevent financial loss due to crime and greatly increase their operational efficiencies.”
Verafin has created a competitive reputation in the world of financial crime detection software by applying the latest advances in artificial intelligence to the analysis of customer behavior to detect anomalies. Verafin’s FRAML software suite brings fraud detection, anti-money laundering and BSA compliance together on one advanced platform to give users an enterprise view of customer activity, helping financial institutions prevent crime efficiently and effectively.
“Forging this new relationship with the IBA is an exciting prospect for Verafin,” said Jason Quann, VP Sales. “We take pride in partnering with leading-edge associations to promote a healthy banking landscape for all involved and having IBA come on board is a strong addition to the Verafin community. Because the IBA has vast connections to the financial institutions of the state, this single partnership will have positive and big results for parent banks and their individual customers.”
About the Illinois Bankers Association:
The Illinois Bankers Association is a full-service trade association dedicated to creating a positive business climate that benefits the entire banking industry and the communities they serve. Founded in 1891, the IBA brings together state and national banks and savings banks of all sizes in Illinois. Collectively, the IBA represents nearly 90 percent of the assets of the Illinois banking industry, which employs more than 100,000 men and women in over 5,000 offices across the state.