ST. JOHN'S, Newfoundland (12/2/11)--Verafin Inc., a provider of compliance, anti-money laundering (AML) and fraud-detection software, will open a new corporate office in Birmingham, Ala., on Monday.
Verfin is a CUNA Strategic Services provider.
The role of the Birmingham office will be to better serve customers in the South, Midwest and Western states with training, technical support, sales and services, Verafin said.
Verafin's FRAML solution uses artificial intelligence and behavior pattern-based recognition to detect suspicious activity. Bringing fraud detection and AML (FRAML) processes together alerts compliance officers of suspicious behavior and anomalies while improving investigations and satisfying compliance with Bank Secrecy Act and anti-money laundering regulations, the company said.
The company announced a formal partnership with Open Solutions Inc. to bring its FRAML solution to customers of Open Solutions' on-demand and on-premise core banking systems.