LAKE MARY, Fla. (8/14/13)--Harland Financial Solutions (HFS) and Verafin Inc., a provider of fraud detection and anti-money laundering software (FRAML), have entered into a strategic alliance that will expand Harland's existing product-centric fraud and anti-money laundering capabilities.
Harland Financial Solutions (HFS) Tuesday announced a strategic alliance with Verafin--a leading provider of fraud detection and anti-money laundering software provider--at HFS' Connections Conference in Nashville, Tenn. "We're seeing a demand from our clients for a complete fraud detection and anti-money laundering solution to complement our offerings," Scott Hansen, HFS executive vice president of business development, told attendees. "Verafin's reputation for technical innovation and its culture of dedicated client support is really unmatched." (Photo provided by CUNA)
Verafin is a CUNA Strategic Services provider.
The announcement was made Tuesday at Harland's Connection Conference in Nashville, Tenn.
"We're seeing a demand from our clients for a complete fraud detection and anti-money laundering solution to complement our offerings," Scott Hansen, HFS executive vice president of business development, told attendees. "Verafin's reputation for technical innovation and its culture of dedicated client support is really unmatched."
Verafin's FRAML software helps financial institution fraud detection and Bank Secrecy Act/Anti-Money Laundering compliance professionals to quickly respond to suspicious activity. Under the alliance agreement, HFS Enterprise Fraud Management solution will extend beyond its existing product-specific protections such as currency transaction reporting within its teller systems.
"There are clear synergies between Verafin and Harland Financial Solutions, including a vision of delivering advanced technology solutions that help to revolutionize the financial services industry," said Andrew King, Verafin vice president of alliances. "Harland Financial Solutions' core processing solutions, combined with our FRAML software, will help financial institutions increase their efficiencies and proactively protect themselves, and their customers, from even the most advanced fraud and money laundering schemes."
With FRAML, it now will be possible for Harland Financial Solutions clients to monitor their customer behaviors simultaneously across multiple touch points throughout the enterprise. Given the increasing sophistication of fraud perpetrators, this is a necessary expansion of scope that makes it possible to identify potential suspicious activity that might otherwise be missed when analyzed in isolation within individual systems or departments.
The enterprise-wide approach will allow financial institutions to more effectively respond to suspicious activity and to better prioritize multiple fraud occurrences at the member/customer level based on input from its teller system, ATM/debit/credit card systems, ACH system, Internet Banking system and core system.