St. John’s, NL
August 23, 2023
Verafin, a Nasdaq company, a global leader in anti-financial crime management solutions, has been recognized as a category leader in the Chartis RiskTech Quadrant® for payment risk solutions 2023. The Chartis RiskTech Quadrant, a respected and comprehensive vendor analysis methodology, evaluates technology vendors based on their product, technology, and organizational capabilities.
This year, Verafin’s innovative approach to payment risk, anchored in advanced real-time analytics, consortium data, and cutting-edge technology, has earned the company a top spot in the Chartis RiskTech Quadrant®. The report particularly praised Verafin for its in-depth analysis across all payment types, significantly reducing false positives and enhancing fraud detection, even in high-volume, high-speed scenarios.
“Verafin’s use of consortium analytics enables it to tackle payment risk at some of the world’s largest organizations, a fact reflected in the company’s category leader rating in overall payments and the distinct bank-to-bank and alternative categories,” said Nick Vitchev, Research Director at Chartis. “Verafin’s deep analytics approach has a strong impact on operational results (such as reducing false positives) and enables a greater understanding of risk – a vital factor in the real-time world of payments.”
“Our depth of experience and expertise in anti-financial crime technology, paired with our unique consortium data approach, has allowed us to deliver solutions with actionable risk insights to proactively prevent fraud and illicit activity across the spectrum of payments risk,” said Rob Norris, Chief Product Officer at Verafin. “This ensures that financial institutions stay a step ahead of risks in today’s evolving payments landscape to reduce fraud exposure, improve operational efficiency, and protect their customers from financial loss.”
The rapidly evolving payment landscape, marked by an increasing need for real-time payment processing, globally diverse participants, and the challenge of managing interlinked risks, calls for proactive solutions. Verafin’s recognition as a category leader underscores its successful strategies in response to these industry dynamics.
Read the full report here: Verafin
Verafin, a Nasdaq company is the industry leader in enterprise anti-financial crime management solutions, providing a cloud-based software platform for Anti-Money Laundering, Fraud Detection, Sanctions Screening, High-Risk Customer Management and Information Sharing. Over 2,400 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations, by leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities.