The Texas Bankers Association (TBA) and its subsidiary, TBA Services Company, Inc. (TBASCO), announce the endorsement of Verafin’s Bank Secrecy Act / anti-money laundering and fraud detection solutions FRAML and FRAMLx.
Verafin’s FRAML software provides a consolidated approach to fraud detection and anti-money laundering (AML) that helps reduce costs for banks while improving efficiency. FRAML analyzes flow of funds, generates risk-rated alerts, summarizes evidence and statistics, and creates and pre-populates SARs. FRAMLx is the next innovation in fraud and money laundering detection through collaboration and cross-institutional analysis. FRAMLx expands a bank’s limited view of customer behavior and activity using advanced cross-institutional detection and providing the power of 314(b) collaboration.
TBASCO staff began an RFP and due diligence in the fall of 2016 which culminated in the TBASCO Board’s review and unanimous decision to endorse Verafin for these services. “The increasing sophistication of the “bad guys” creates a growing challenge for banks of any size to recognize fraudulent and money laundering activity. We can no longer effectively or efficiently download daily activity to a spreadsheet and expect to catch the creative criminals,” said Brian Schneider, President and CEO of First National Bank of Beeville and TBASCO chair. “Verafin’s FRAML and FRAMLx not only give you a holistic view and behavioral analysis of your clients within your bank, it also allows you to view activity from your client among collaborative institutions.”
Verafin services over 1500 financial institutions and the need for banks to meet regulatory compliance relating to suspicious customer activity is creating rapid growth in the market. “We’re very excited to be partnering with the oldest and largest state banking association in the nation and one with a long history of dedication to Texas banks,” said Robert Webb, Verafin’s VP of Corporate Development. “Our partnership with the TBA aligns perfectly with the incredible momentum we’re experiencing amongst Texas banks. This is a great opportunity to work alongside the TBA to deliver our innovative BSA/AML and fraud detection functionality to Texas banks dedicated to protecting their customers from the threat of financial crime.”
“We carefully considered the value of stand-alone anti-money laundering software as a service for our members and the bankers who make up the TBASCO board strongly supported this endorsement,” says Wanda Stevens, TBASCO executive director and TBA vice president.
For more information about Verafin’s services contact Paul Gauci at 877-368-9986 or paul.gauci@verafin.com or Wanda Stevens at 512-472-8388 or wanda@texasbankers.com.
About Texas Bankers Association and TBA Services Company, Inc.
Established in 1885, the Texas Bankers Association (TBA) is a trade association that provides information, education and advocacy to nearly 500 independent community and regional banks in Texas. TBA Services Company, Inc. (TBASCO), organized in 1987, is a wholly-owned subsidiary of the Texas Bankers Association and manages endorsement partnerships under the supervision of the TBASCO Board of Directors. TBASCO is tasked with identifying products and services in demand by the Texas banking industry and vetting for potential endorsement. For more information about TBA and TBASCO visit texasbankers.com/TBASCO or wanda@texasbankers.com.
