ST. JOHN'S, Newfoundland and Labrador--(BUSINESS WIRE)--Verafin, an industry-leader in cloud-based fraud detection and anti-money laundering software (FRAMLx), announced it was recently chosen by First Interstate Bank (MT) to help the bank proactively fight financial crime.
First Interstate Bank, a $9.1 billion community banking organization, currently operates over 80 banking offices, in addition to offering online and mobile banking services, located throughout Montana, Wyoming, and South Dakota.
For the fourth consecutive year, the bank was named one of the best banks in America by Forbes, who rank the 100 largest publicly traded banks ranging in asset size from just under $8 billion to $2.5 trillion based on a range of metrics including asset quality, capital adequacy, growth, and profitability.
“Verafin’s dedication to innovation was pivotal to our decision to choose them,” said Justin Svec, Vice President, Financial Crimes Manager at First Interstate Bank. “We reviewed numerous solutions and kept coming back to Verafin. During the evaluation process, we attended Verafin’s annual FRAMLxpo user conference and were very impressed by what we saw. We could feel the energy of the Verafin users in the room. Everyone we talked to confirmed that Verafin doesn’t just talk, they take action. That reputation for delivering builds confidence.”
Svec added, “We are a bank that is very open about our values, which includes a commitment to our communities and clients. When you look at Verafin’s approach to ending financial crime, you can see they understand the human element and why our work is so important.”
Verafin’s innovative FRAMLx software is a complete, customer-centric BSA/AML and fraud detection solution that utilizes cloud-based analytics and continuous innovation to help more than 1500 financial institutions (FIs) prevent financial crime.
“We feel that every new financial institution that chooses Verafin presents us with an exciting opportunity,” said Jay Quann, VP Sales at Verafin. “Our close relationship with our customers helps us better understand the challenges they face. That understanding feeds our ongoing innovation and desire to continually enhance our software.”
Quann continues, “First Interstate Bank is one of the country’s best, most successful banks and, importantly, one that is dedicated to protecting its clients from criminal activity. The opportunity to work with them is exciting and I believe that together we can make a real impact in the fight to stop financial crime.”
About First Interstate Bank
First Interstate BancSystem, Inc. (NASDAQ: FIBK), is a financial services holding company, headquartered in Billings, Montana. It is the parent company of First Interstate Bank, a community bank operating 81 banking offices, including online and mobile banking services, throughout Montana, Wyoming and South Dakota.
As a recognized leader in community banking services with 29 consecutive years of profitability, First Interstate is driven by strong family and corporate values, as well as a commitment to long-term organic growth, exemplary customer service, exceeding customer expectations through its products and services, and supporting, with leadership and resources, the communities it serves.
Verafin is an industry leader in cloud-based Fraud Detection and Anti-Money Laundering (FRAMLx) collaboration software with a customer base of over 1500 financial institutions across North America. Verafin is the exclusive provider for the CBA, FBA, IBA, MBA, CUNA Strategic Services, a preferred service provider of the ICBA, in addition to industry endorsements in 44 states across the U.S.
Verafin's innovative crime-fighting solution includes FRAMLxchange, the secure information sharing network available to any 314(b)-registered institution.