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Verafin saw 25 hike in clients for 2011

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ST. JOHN'S, Newfoundland (2/24/12)--Verafin Inc. said its customer base grew by 25% in 2011 and it now has more than 800 customers relying on its behavior-based fraud detection and compliance software.

Verafin is a CUNA Strategic Services partner.

"I believe our continued growth is a direct result of a dedication to our customers, which saw us achieve an impressive Net Promoter Score," said Jamie King, Verafin's CEO. "This dedication was at the heart of the team's product innovation, resulting in regular software functionality updates that helped our customers successfully fight financial crime."

During 2011, Verafin's momentum continued as it achieved these milestones:

  • A 46% increase in bookings from 2010;
  • A continued customer retention rate of 99%;
  • A ranking of 128 on Deloitte's Technology Fast 500, which ranks the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America;
  • Further integrations with core banking systems, bringing the total to 65;
  • New partner relationships with Open Solutions Inc., and FPS Gold;
  • Technological advances in fraud detection, including tools for finding customer debit cards used at common points of compromise; and
  • A new office opening in Birmingham, Ala.
Verafin's fraud/anti-money laundering (FRAML) software solution analyzes customer activity and data for anomalous activity across transaction channels, enabling fraud detection and Bank Secrecy Act/anti-money laundering compliance professionals to respond to suspicious activity. The FRAML software is a complete package, from alert generation to case management and automated electronic regulatory reporting, Verafin said.

VINtek awarded third auto finance services patent

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PHILADELPHIA (2/24/12)--VINtek has been awarded its third U.S. patent for vehicle financing technology.

The VINtek technologies covered by the business-process patent help potential vehicle buyers determine the total cost of a vehicle, including tax, tag and title fees, anywhere through the Internet. It also produces and presents vehicle purchase documentation, including electronic loan documents, to consumers and allows them to electronically sign these documents.

Consumers also have access to a remote Department of Motor Vehicles (DMV) submission process that alleviates the need for them to spend hours at a DMV office. Simultaneously, it delivers lender protection by perfecting their liens. Much of the process is processed in real time over the Web using multiple websites and workflow tools that interact with each other.

"We anticipate our patented process to be in high demand as more vehicle purchases occur online," said Larry Highbloom, VINtek president/CEO. "This will help all participants complete the document-fulfillment aspects of a vehicle purchase anytime and anywhere."