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February 08, 2016 8:18 AM ET

Internet Software and Services

Company Overview of Verafin Inc.

Company Overview

Verafin Inc. develops cloud based enterprise fraud detection and anti-money laundering software solutions for financial institutions in North America. The company offers Verafin, a Software-as-a-Service solution that enables banks and credit unions to scan customers and transactions against watch lists to identify entities that may be involved in possible money laundering or terrorist financing activities; and analyze frauds such as anti-money laundering, check kiting, and identity theft, as well as debit and credit card, remote banking, new account, stolen check, inactive account (employee), and loan frauds. It also offers FRAMLx that enables institutions to gain insight on customer behavio...

570 Newfoundland Drive

St. John's, NF A1A 5B1

Canada

Founded in 2003

Phone:

709-368-9980

Fax:

709-368-3559

Key Executives for Verafin Inc.

Co-Founder, Chief Executive Officer, President and Member of the Board of Directors
Co-Founder and Director of Product Marketing
Co-Founder and Vice President of Product Development
Director of Finance
Chief Operating Officer
Compensation as of Fiscal Year 2015.

Verafin Inc. Key Developments

Independent Community Bankers of America Selects Verafin as Preferred Service Provider

Verafin Inc. announced that is has been selected by the Independent Community Bankers of America (ICBA) as their newest Preferred Service Provider. Verafin was selected because it is known for its financial crime detection software and powerful analytics, in addition to their dedication to innovation and customer service. Aligning with its reputation for fighting financial crime and continued innovation, Verafin launched FRAMLx in August 2015. FRAMLx is the newest enhancement that enables cross-institutional detection of suspicious activity and facilitates collaboration and Section 314(b) information sharing between financial institutions. The combination of the FRAMLx detection and collaboration helps institutions gain a holistic view of their customer’s behavior and increases awareness of suspicious activity that can span multiple institutions.

Verafin Inc. Unveils FRAMLxe

Verafin Inc. unveiled FRAMLx, an innovative enhancement to its FRaud detection and Anti-Money Laundering (FRAML) software. Powered by technology available only in the Verafin Cloud, FRAMLx delivers advanced cross-institutional analysis to detect suspicious activity across multiple institutions. FRAMLx is an exclusive Verafin advantage and this technology is to be offered by any fraud and AML software provider. FRAMLx will enable institutions to gain more insight on customer behavior, collaborate in their investigations, and more accurately detect suspicious activity made possible through the safe harbor provided by Section 314(b) of the USA PATRIOT Act.

Verafin Inc. Announces New Exclusive Partnership with the Illinois Bankers Association

Verafin Inc. announced a new exclusive partnership with the Illinois Bankers Association (IBA). After an extensive review of fraud detection and AML software vendors, the IBA chose the company 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. The company'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.

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