ST. JOHNS, Newfoundland (4/1/11)--Among its financial results for 2010, Verafin Inc., a provider of compliance, anti-money laundering (AML) and fraud detection software, reported a 36% growth in market share. “We measure success at Verafin in terms of how we help financial institutions fight financial crime,” said Jamie King, Verafin president/CEO. “On that front, and many others, 2010 was our strongest year to date.” Verafin, which is a CUNA Strategic Services provider, listed several notable achievements for 2010:
* A 36% increase in its customer base from 2009, with nearly 650 participating financial institutions by year end; * A continued customer retention rate of 99%; * Further integrations with core banking systems, bringing the total to just under 60; * New relationships with Connecticut Online Computing Center, Member Driven Technologies, Synergent and AML RightSource; * Continued endorsements and recognition by banking associations; * GonzoBankers Big Mo’ (Momentum) Award for Ancillary Systems, an award based on innovative systems for financial institutions; * Research, development and delivery of new analytics, and improved case management functionality resulting in a major new release.
Verafin combines fraud detection and AML, while providing visibility into customer activity, ensuring comprehensive compliance reporting, the company said. The solution combines fraud detection, AML and regulatory reporting with behavior-based customer monitoring technology in a single platform.