ST. JOHN’S, Newfoundland--(BUSINESS WIRE)--Verafin Inc., a leading provider of compliance, anti-money laundering (AML) and fraud detection software, today announced it has entered a formal partnership with Open Solutions Inc.® The partnership brings Verafin’s converged fraud detection and anti-money laundering (FRAML) solution to customers of Open Solutions’ on-demand and on-premise core banking solutions. Core banking solutions are back-end systems that process a financial institution’s daily transactions and other financial records.
Open Solutions chose Verafin in part because of their history of strong integration with Open Solutions’ core banking systems - DNATM, CUnifyTM and TotalPlus. Verafin’s FRAML solution utilizes artificial intelligence and behavior pattern-based recognition to detect suspicious activity. Bringing fraud detection and AML (FRAML) processes together effectively alerts compliance officers and fraud professionals of suspicious behavior and anomalies while improving investigations and satisfying compliance with BSA/AML regulations. In order to make this a seamless process, solid integration with the financial institution’s data is essential.
“With the myriad of regulations imposed on our clients, we are pleased to expand our partnership with Verafin to enhance our regulatory analysis and reporting solutions,” said Brad Scott, product manager for risk & compliance services with Open Solutions. Verafin will help our clients manage compliance more easily and cost-effectively.”
Verafin successfully integrates with each of Open Solutions’ core banking systems - DNA, CUnify and TotalPlus. Of Verafin’s more than 750 customers, over 120 are using Open Solutions’ core banking systems.
“The integration with Verafin was seamless. So painless, so straightforward. The software is intuitive and we implemented everything very quickly,” said Karen Leonard, BSA Program Manager at First Tech Federal Credit Union.
This California credit union has assets of $4.9 billion and Open Solutions’ DNA core platform. They started using Verafin two years ago and have experienced countless benefits. “In one instance Verafin saved us $27,000 on a fraudulent check alert. That is on our wall of fame,” added Leonard.
“We have always had the pleasure of a great relationship with Open Solutions,” said Verafin CEO and co-founder Jamie King. “We’re very excited to take our relationship to the next level with a more formal partnership that will be mutually rewarding to both organizations.”
About Open Solutions Inc.
Open Solutions Inc. offers a fully-featured strategic information management product platform that integrates core processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting and management tools, profitability tools, wealth management, imaging, digital documents, interactive voice response, technology services, HSAs, payments and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States, Canada and internationally to better compete in today’s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions, visit Open Solutions at www.opensolutions.com. You can also fan Open Solutions on http://www.facebook.com/opensolutionsinc or follow Open Solutions via Twitter @OpenSolutionsCC.
About Verafin
Verafin is a North American leader in anti-money laundering and fraud detection solutions for financial institutions, with nearly 750 customers that span more than 65 core processing systems and a broad asset range. Verafin helps financial institutions comply with the Bank Secrecy Act, USA PATRIOT Act, and FACTA regulations, while also helping to protect against fraud.
Verafin is the exclusive provider of BSA/AML and fraud detection software for the California Bankers Association, Massachusetts Bankers Association, CUNA Strategic Services and 40 credit union leagues and associations in the United States. For more information, visit www.verafin.com, email us at FRAML@verafin.com or call 1-866-781-8433.
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