Verafin Inc., a leading provider of compliance, anti-money laundering (AML) and fraud detection software, today announced it has entered a formal partnership with Open Solutions Inc.(R) The partnership brings Verafin’s converged fraud detection and anti-money laundering (FRAML) solution to customers of Open Solutions’ on-demand and on-premise core banking solutions. Core banking solutions are back-end systems that process a financial institution’s daily transactions and other financial records.
Open Solutions chose Verafin in part because of their history of strong integration with Open Solutions’ core banking systems – DNA(TM), CUnify(TM) and TotalPlus. Verafin’s FRAML solution utilizes artificial intelligence and behavior pattern-based recognition to detect suspicious activity. Bringing fraud detection and AML (FRAML) processes together effectively alerts compliance officers and fraud professionals of suspicious behavior and anomalies while improving investigations and satisfying compliance with BSA/AML regulations. In order to make this a seamless process, solid integration with the financial institution’s data is essential.
“With the myriad of regulations imposed on our clients, we are pleased to expand our partnership with Verafin to enhance our regulatory analysis and reporting solutions,” said Brad Scott, product manager for risk & compliance services with Open Solutions. Verafin will help our clients manage compliance more easily and cost-effectively.”
Verafin successfully integrates with each of Open Solutions’ core banking systems – DNA, CUnify and TotalPlus. Of Verafin’s more than 750 customers, over 120 are using Open Solutions’ core banking systems.
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