ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Verafin Inc. unveils 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 the first of its kind to be offered by any fraud and AML software provider.
"We’re so excited to announce FRAMLx and show our customers how it can help them identify suspicious activity that would otherwise go undetected," says Jamie King, CEO. "When we started the business, we set out to be the industry leader in the fight against financial crime. With FRAMLx and cross-institutional analysis we have taken that goal a step further. It’s a really exciting time for all of us."
FRAMLx will enable institutions to gain more insight on customer behavior, collaborate in their investigations, and more accurately detect suspicious activity. This innovation fills a major gap in fraud detection and anti-money laundering efforts as it provides a broad, holistic view over multiple financial institutions through information sharing provided by Section 314(b) of the USA PATRIOT Act.
Verafin will make it much more difficult for criminals to utilize multiple financial institutions to commit crimes. "Criminal enterprises mask their illegal operations by exploiting multiple financial institutions simultaneously,” says Chris Swecker, former Assistant Director of the FBI. "Cross-institutional analysis deprives criminals of this significant advantage by detecting the broader scope of their collusive activities and acting quickly to shut them down."
Verafin collected feedback from customers and industry experts to help shape the development of FRAMLx, and to ensure it offers substantial value. Initial customer feedback to the concept, early designs, and capability confirms that FRAMLx is extremely valuable and will be in high demand. “We’ve been testing this with focus groups and the response has been overwhelmingly positive,” says Nick Janes, Director of Product Management. “From the customers’ reactions, it’s obvious that this will add tremendous value – people just can’t wait to start using FRAMLx.”
"FRAMLx will be an exciting advancement in information sharing and 314(b) compliance,” says Josh Brown, Director of Security, Fauquier Bank. “Everyone is talking about ‘big data’ and how, when looking at information from many institutions you will be able to see the big picture. There are just so many benefits to information sharing and cross-institutional analysis."
This week, Verafin launches the 2015 FRAMLx Tour, introducing FRAMLx to customers and prospects in various cities across the United States. Attendees will see a demo showcasing the capabilities of FRAMLx, and receive free, advanced learning opportunities including industry news and best practices. Participants will also receive Certified Anti-Money Laundering Specialist (CAMS) credits for attending.
"Going from city to city to introduce and discuss FRAMLx, visiting and speaking with industry professionals is something we’re really looking forward to," says Brendan Brothers, Verafin Co-founder and Product Expert. "FRAMLx is something the industry needs, and we’re excited to be the ones providing it."
FRAMLx is a giant step forward in the fight against financial crime, and will have a big impact on surrounding communities and the larger world. "The benefits of this innovation to Verafin customers is huge," says Jamie King, CEO. "Not only will financial institutions using FRAMLx be able to bolster their ability to detect suspicious behavior, they will help reduce the impact of crimes such as drug dealing, terrorism, and human trafficking on society."
Verafin representatives are launching the FRAMLx tour in Texas this week and are available for comment.
About Verafin Inc.
Verafin is a leader in cloud-based FRaud detection and Anti-Money Laundering (FRAML) solutions for financial institutions across North America. Its software utilizes advanced behavior-based analytics that allows banks and credit unions to stay a step ahead of cutting-edge fraud trends and the BSA, USA PATRIOT Act, and FACTA compliance landscape. Verafin is the exclusive provider of fraud detection and BSA/AML software for the California Bankers Association, Florida Bankers Association, Illinois Bankers Association, Massachusetts Bankers Association, and CUNA with industry endorsements covering 44 states across the U.S.