TriNovus and Verafin Partner to Deliver Combined Fraud Detection and AML Software Solution to Financial Institutions
St. John’s, NL and Birmingham, AL—February 17, 2012— Verafin Inc. (www.verafin.com), a leading provider of fraud detection and anti-money laundering (FRAML™) software, today announced a partnership agreement with TriNovus (www.trinovus.com), a company focused on delivering cutting-edge technology solutions to the financial marketplace.
“When we evaluate new business partners as part of our continued growth strategy, we always look at their relationship with their customer base. TriNovus delivers a lot of value to their customers, and have a strong commitment to them, which mirrors our approach to treating customers as valued partners,” said Neil Chaulk, Vice President Business Development at Verafin. “Verafin’s FRAML (fraud detection and AML) solution gives TriNovus the capability to deliver a more complete product suite.”
Texas-based AimBank has been a TriNovus customer for nearly eight years and recently selected Verafin as their fraud detection and AML solution. Jay Lee, SVP – Risk Management said, “AimBank chose Verafin’s FRAML software to replace several inefficient manual processes, while at the same time producing a more accurate systematic analysis of customer activity across different channels. It also yields a more complete picture of overall fraud and AML activities bank-wide than we could have ever produced manually.”
“Our partnership with Verafin allows us to offer our customers an advanced FRAML platform that will not only improve the way they detect financial crime, but will also help them become more efficient by reducing duplicate efforts,” said TriNovus President and CEO, David Brasfield. “Helping our partners uncover fraud and money laundering is something we take seriously, and Verafin’s software significantly enhances the level of protection we can offer.”
Verafin continues to experience rapid growth of its customer base, most recently announcing they had surpassed more than 800 customers. Verafin's FRAML solution is a natural choice for financial institutions, as it utilizes artificial intelligence and behavior pattern-based recognition to analyze transactions across multiple transaction channels. With a robust and user-intuitive case management feature, Verafin lets fraud professionals and BSA/AML officers act quickly on evidence-supported suspicious activity alerts. Using one innovative software platform professionals can detect, investigate, document and neutralize suspicious activity ? while meeting regulatory requirements.
About TriNovus
TriNovus, LLC, a Birmingham, Ala.-based company, was founded with the goal of delivering technology solutions to the financial marketplace. TriNovus is focused on providing compliance solutions and core data processing to community financial institutions along with technology addressing stress testing, vendor management, and distressed assets. For more information on TriNovus, visit www.trinovus.com or contact Randy Goggans at 205.991.5636 or randy.goggans@trinovus.com.
About AimBank
AimBank (www.aimbankonline.com) is a locally-owned $300MM bank with eight offices in the Lubbock and Odessa markets in West Texas. The institution is a fast-growing commercial bank that emphasizes personal service to its commercial, oil & gas, agricultural, and consumer customers.
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.