St. John’s, NL—July 19, 2010—Verafin, Inc. today announced the Massachusetts Bankers Association (MBA) has endorsed its industry-leading compliance, anti-money laundering (AML) and fraud detection software. The MBA represents more than 200 banks across Massachusetts, with aggregated assets of $1.8 trillion.
Verafin has pioneered a behavior-based approach for fraud and AML (FRAML) detection. While traditional products are based on a set of pre-defined rules designed to identify known vulnerabilities, Verafin’s holistic approach combines transaction information with behavioral information. Using advanced artificial intelligence (AI) to replicate human reasoning, Verafin enables banks to catch suspicious activity that conventional approaches may miss.
"Financial institutions are dealing with increasingly complex schemes and more regulations than ever before," said Jamie King, president of Verafin. "Our integrated approach combines fraud and AML, a process we call FRAML. It gives Verafin customers a complete view of their transaction activity. This reduces duplicate investigations and false positive alerts, resulting in better outcomes with less cost. We look forward to working with MBA members and bringing this innovative solution to banks across Massachusetts."
Under the endorsement, the MBA recognizes Verafin as the exclusive AML and anti-fraud software solution recommended to its members. The MBA selected Verafin for its ability to accurately detect fraudulent activity as well as its ability to streamline the fraud and money laundering detection process, reducing the burden on internal IT resources.
"Verafin will help MBA member institutions effectively combat criminals and comply with government regulations," said Peter T. Blanchard, executive director, Education Management and Member Services of the MBA. "Verafin’s unique approach will help our members increase transparency within their institution and avoid regulatory issues. We are excited to share this innovative solution with our members across Massachusetts."