Verafin’s integrated,intelligent fraud and anti-money laundering solution integrates with FPS GOLD’score banking system to ensure banks mitigate the risk of financial crime with complete visibility and compliance.
Provo, UT and St. John’s, NL, February 23, 2011 — FPS GOLD, a provider of core software systems for banks, and Verafin Inc., a leading provider of compliance, anti-money laundering (AML) and fraud detection software, today announced a partnership and the availability of Verafin’s industry leading fraud detection and anti-money laundering(FRAML)software to FPS GOLD and its financial services customers across the United States.Verafin integrates with FPS GOLD’s core banking system, providing financial institutions with the necessary visibility and regulatory compliance to deter financial crime.
“Our partnership with Verafin will provide a comprehensive and intuitive solution for our customers in their compliance programs,” said Brent Shuldberg, Executive Vice President at FPS GOLD. “We know that FPS GOLD’s core system, joined with Verafin’s next generation fraud and anti-money laundering solution, will be an asset to any bank in the United States.”
Verafin is an integrated and intelligent fraud detection and anti-money laundering (AML) solution that combines the capability to detect and act upon various forms and levels of fraud and money laundering, while providing complete visibility into customer activity and ensuring comprehensive compliance reporting. Easy to use and implement, it is the onlysolution in the financial services industry that combines the integration ofthe four most important processes in preventing financial crime – fraud detection, anti money laundering, regulatory agency reporting and core banking systems, with intelligent-based, behavioral technology, used to detect financial crime, into a single platform.
“Building a strong partnership with FPS GOLD and its member institutions is further proof of Verafin’s continued momentum in the banking market, providing a consolidated and intelligent solution to fraud and anti money laundering,” said Jacquelyn Holden, Vice President of Sales at Verafin. “FPS GOLD customers recognize the need for a next generation solution that provides them with an increasingly sophisticated and effective way to reduce loss from fraud and reputational risk from money laundering in a single, easy-to-use platform.”
According to a June, 2010, report, The AML Global Insight Series, jointly published by the Association of Certified Anti Money Laundering Specialists and Ernst and Young, the majority of all banks report less than a 10% success rate at detecting fraud or money laundering, precipitating the need by 46% of all institutions surveyed to upgrade their systems to new solutions and technologiesin the next two years. Unlike traditional products that are based on a set of pre-defined rules that become unwieldy and outdated, Verafin uses dynamic, intelligent based technology for fraud and AML detection that combines transaction activity with behavioral information. Using advanced artificial intelligence (AI) to replicate human reasoning, Verafin enables banks to holistically catch and report on suspicious customer activity in a single view with complete transparency. Today’s manual and rules-based systemseither miss this activity or create additional layers of complexity, making crime more difficult to detect.
Verafin is available immediately to FPS GOLD customers. For more information, visit http://www.verafin.com or call 1-866-781-8433.
About Verafin:
Verafin is a leader in anti-money laundering and fraud detection solutions for financial institutions, with over 650 customers that span nearly 60 core processing systems and a broad asset range. Verafin helps financial institutions comply with the Bank Secrecy Act, USA PATRIOT Act, and FACTA regulations, while also helping to protect against fraud. Verafin is the exclusive provider of BSA/AML and fraud detection software for the California Bankers Association, Massachusetts Bankers Association, CUNA Strategic Services and 40 credit union leagues and associations in the United States. For more information, visit http://www.verafin.com, email us at FRAML@verafin.com or call 1-866-781-8433.
About FPS GOLD:
FPS GOLD began in 1964 and has provided information processing services to commercial banks and thrifts continuously for the last 46 years. They have institutions with home offices in nineteen states and branches in twenty-four states and one foreign country, all of which are supported with current-generation software technology. The teleprocessing network spans the United States and connects 9,729 end-user workstations with their host computer in Provo, Utah. FPS GOLD develops, markets and services corebanking software that uses a robust and secure data-processing center and provides additional integrated services such as relationship banking, Internet banking, print and digital monthly statements, and accounting. The company has a distinguished track record with decades of experience, not to mention the quality of staff and unmatched customer service with a personal touch. FPS GOLD provides the best banking software and services at the most competitive price. For more information, visit http://www.fps-gold.com or contact Matt DeVisser at (801) 429-2126 or via email atmattd@fps-gold.com or Michael Parkin at (801) 429-2330 or via email michaelp@fps-gold.com.
© 2011 Verafin Inc. All rights reserved.
Press Contact:
For FPS GOLD:
Brent C Shuldberg
FPS GOLD
(801) 429-2159
brents@fps-gold.com
Press & Media Contact:
Vicki Barbour
Verafin Inc.
570 Newfoundland Drive
St. John’s, NL A1A 5B1 – Canada
(709) 752.3050 x3228
vicki.barbour@verafin.com
