Verafin, an industry-leader in cloud-based fraud detection and anti-money laundering software (FRAMLx), announced it was recently chosen by First Interstate Bank (MT) to help the bank proactively fight financial crime.
First Interstate Bank, a $9.1 billion community banking organization, currently operates over 80 banking offices, in addition to offering online and mobile banking services, located throughout Montana, Wyoming, and South Dakota.
For the fourth consecutive year, the bank was named one of the best banks in America by Forbes, who rank the 100 largest publicly traded banks ranging in asset size from just under $8 billion to $2.5 trillion based on a range of metrics including asset quality, capital adequacy, growth, and profitability.
“Verafin’s dedication to innovation was pivotal to our decision to choose them,” said Justin Svec, Vice President, Financial Crimes Manager at First Interstate Bank. “We reviewed numerous solutions and kept coming back to Verafin. During the evaluation process, we attended Verafin’s annual FRAMLxpo user conference and were very impressed by what we saw. We could feel the energy of the Verafin users in the room. Everyone we talked to confirmed that Verafin doesn’t just talk, they take action. That reputation for delivering builds confidence.”
Svec added, “We are a bank that is very open about our values, which includes a commitment to our communities and clients. When you look at Verafin’s approach to ending financial crime, you can see they understand the human element and why our work is so important.”
Verafin’s innovative FRAMLx software is a complete, customer-centric BSA/AML and fraud detection solution that utilizes cloud-based analytics and continuous innovation to help more than 1500 financial institutions (FIs) prevent financial crime.
“We feel that every new financial institution that chooses Verafin presents us with an exciting opportunity,” said Jay Quann, VP Sales at Verafin. “Our close relationship with our customers helps us better understand the challenges they face. That understanding feeds our ongoing innovation and desire to continually enhance our software.”
Quann continues, “First Interstate Bank is one of the country’s best, most successful banks and, importantly, one that is dedicated to protecting its clients from criminal activity. The opportunity to work with them is exciting and I believe that together we can make a real impact in the fight to stop financial crime.”