Verafin surpasses the 800-Customer Mark
"With another year of dynamic growth in 2011, over 800 financial institutions now look to Verafin
for advanced fraud detection and anti-money laundering protection."
St. John’s, NL—January 24, 2012— Verafin Inc. (www.verafin.com), a leading provider of
fraud detection, anti-money laundering (AML) and compliance software, announces it now has
over 800 customers with Capitol Federal Savings Bank in Topeka, Kansas, and Canadian
Western Bank, headquartered in Edmonton, Alberta among the latest banks to choose Verafin’s
FRAML™ (fraud detection and AML) solution.
“Seeing our family of customers grow beyond 800 is truly a confirmation of our entire team’s
commitment to innovation and dedication to our customers’ success in detecting fraud and
money laundering,” said Jacquelyn Holden, Verafin’s Vice President of Sales. “We have
developed, and continue to push forward, our advanced FRAML software platform by working
hand-in-hand with our customers. We feel the sky is the limit as to what we can achieve
together.”
When Capitol Federal Savings Bank, a $9 billion-in-assets Kansas financial institution, searched
for software that could help reduce duplicate efforts between fraud and BSA departments,
Verafin was a natural fit. “Capitol Federal was seeking to consolidate multiple fraud
detection/prevention systems that had been designed for single channel analysis. With the
changes in both customer account usage patterns and the increased regulatory oversight of these
transactions, our ‘siloed’ approach was no longer adequate for our needs,” said Larry K.
Brubaker, the bank’s Executive Vice President. “The Verafin FRAML software not only
provides us with a more detailed analysis of activity patterns at the customer level, it also is
saving us money compared to our former solutions by reducing the man-hours required to review
the reports.”
David Ball, AVP Regulatory Compliance and Chief Anti-Money Laundering Officer for
Canadian Western Bank, adds a Canadian financial institution perspective. “The Canadian
Western Bank Group is very pleased to have selected Verafin as its provider of AML/ATF [Anti-
Terrorist Financing] software, as we believe they are the industry leader in automated AML/ATF
solutions. We also respect that Verafin is a successful Canadian-based company that shares many
of the same values as Canadian Western Bank Group.” With almost $15 billion of assets,
Canadian Western Bank is the largest publicly traded Canadian bank headquartered in Western
Canada.
Verafin continues to experience rapid growth of its customer base as more and more financial
institutions strive to enhance their monitoring programs to detect anomalies by considering
patterns of behavior. Verafin’s FRAML solution is a natural choice for these institutions, as it
utilizes artificial intelligence and behavior pattern-based recognition to analyze transactions
across multiple payment channels. With a robust and user-intuitive case management feature,
Verafin lets compliance officers and fraud professionals act quickly on evidence-supported
suspicious activity alerts. With one innovative software platform professionals can detect,
investigate, document and neutralize suspicious activity—while meeting regulatory
requirements.
About Capitol Federal
Capitol Federal Savings Bank (www.capfed.com) provides a full range of retail banking services
through 35 traditional and 10 in-store banking offices serving primarily the metropolitan areas of
Topeka, Wichita, Lawrence, Manhattan, Emporia, and Salina, Kansas and portions of the
metropolitan area of greater Kansas City. The Bank emphasizes mortgage lending, primarily
originating and purchasing one- to four-family mortgage loans, and providing personal retail
financial services.
About Canadian Western Bank Group
Canadian Western Bank offers highly personalized service through 40 branch locations and is
the largest publicly traded Canadian bank headquartered in Western Canada. The Bank
specializes in mid-market commercial lending and offers a full complement of personal banking
services. The Bank, along with its operating affiliates, National Leasing Group Inc., Canadian
Western Trust Company, Valiant Trust Company, Canadian Direct Insurance Incorporated,
Adroit Investment Management Ltd. and Canadian Western Financial Ltd., collectively offer a
diversified range of financial services across Canada and are together known as Canadian
Western Bank Group. Refer to www.cwbankgroup.com for additional information.
About Verafin
Verafin is a North American leader in fraud detection and anti-money laundering solutions for
financial institutions, with over 800 customers that span 65 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 fraud detection and BSA/AML 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 www.verafin.com,
email us at FRAML@verafin.com or call 1-866-781-8433.
Press Contact:
Catherine Warren
Verafin, Inc.
(709) 752.3050 x3242
catherine.warren@verafin.com
© 2012 Verafin Inc. All rights reserved.