Company Overview of Verafin Inc.
Verafin Inc. provided compliance, anti-money laundering, and fraud detection software solutions for banks and credit unions in North America. It offers Verafin, a consolidated financial crime detection and compliance automation solution that detects various financial crimes, including fraud, money laundering, and identity theft. The company’s solutions manage case investigations and automatically e-file compliance reports; manage risks associated with products and services from third-party vendors; and automate list updating and scanning of customers, non-customers, and vendors, as well as real-time scanning of international ACH transactions and wires. In addition, it offers systems integrat...
570 Newfoundland Drive
St. John's, NF A1A 5B1
Founded in 2003
Key Executives for Verafin Inc.
Co-founder and Vice President of Engineering
Vice President of Customer Care
Compensation as of Fiscal Year 2012.
Verafin Inc. Key Developments
Verafin Inc. and Fundtech Ltd. Partner to Enhance the Real-Time Online Fraud Detection Analytics
May 20 13
Verafin Inc. announced a partnership with Fundtech Ltd. to integrate Fundtech's PAYplus payment platforms: PAYplus Connect & PAYplus USA with Verafin's enterprise FRAML solution. This integration of the leading funds transfer solution in the US and North America's most advanced behavior-based fraud detection and Anti-Money Laundering (AML) analytics gives financial institutions the power to prevent wire fraud in real time.
Verafin Inc. Announces Full Support for FinCEN's New Currency Transaction Report (CTR) and Suspicious Activity Report (SAR) Forms
Oct 4 12
Verafin Inc. announced that its latest software release, Fall '12, includes full support for FinCEN's new Currency Transaction Report (CTR) and Suspicious Activity Report (SAR) forms. Verafin has updated its CTR and SAR filing functionality to enable customers to e-file the new FinCEN forms. As a result, users are already successfully e-filing the new forms with FinCEN a full six months ahead of the March 2013 deadline. Verafin's latest software update means customers continue to achieve the advantages of full BSA reporting automation, including report generation, full electronic submission and validation directly from FinCEN. In addition, Fall '12 incorporates numerous other updates, including: expanded remote banking fraud detection, including corporate ACH and wire transfer analysis, helping customers comply with the latest FFIEC supplementary guidance for Internet Banking; increased customer risk assessment functionality; refined case management usability and integration. Verafin continues to experience rapid growth of its customer base, with more than 900 customers. Verafin's FRAML (FRaud detection + Anti-Money Laundering) 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. With a robust and user-intuitive case management feature, Verafin lets fraud professionals and BSA/AML officers act quickly on evidence-supported suspicious activity alerts. Using one innovative software suite professionals can detect, investigate and document suspicious activity--while meeting regulatory requirements.
Verafin Inc. Introduces Online Banking Fraud Detection with its Latest FRAML Software Release
Jun 29 12
Verafin Inc. unveiled Summer '12, the latest update to their FRAML software. Verafin delivers four seasonal releases per year, ensuring financial institutions have the latest advances in fraud and money laundering detection analytics to protect both themselves and their customers. The Summer '12 release debuts Verafin's online banking fraud analytics, helping financial institutions proactively prevent losses due to criminal attacks via the ACH network. With the criminal attacks on both consumer and corporate accounts in the online channel increasing in complexity, Verafin analyzes account behavior for anomalies and detects fraud trends. It then alerts users to suspicious online transactional activity before the transfer of funds is completed, preventing loss and eliminating the need for costly account restitution and lengthy funds retrieval processes.
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