Verafin

Verafin
Data Systems of Texas

Data Systems of Texas

March 01, 2010 14:30 ET

Data Systems of Texas Partners With Verafin to Deliver Second-Generation BSA/AML and Fraud Detection Solutions to Sharetec Credit Unions

ST. JOHN'S, NEWFOUNDLAND and LABRADOR, CANADA--(Marketwire - March 1, 2010) - Verafin Inc., America's leading provider of compliance, anti-money laundering (AML) and fraud detection software recently partnered with Data Systems of Texas, the southwest partner for the Sharetec Systems core processing system, and which offers the Sharetec core in both in-house and service bureau configurations.

Verafin helps protect credit unions and banks from the risks associated with fraud and money laundering by providing an intuitive behavior-based approach to analyzing transactional and other data. This second-generation technology eliminates the need to create and manage the ever-increasing number of "if-then" rules required by first-generation rules-based systems. Capable of being deployed either in-house or in a hosted environment, Verafin also provides automated risk scoring, watch list scanning, case management, compliance reporting, and third-party vendor management.

Data Systems of Texas has evolved into an industry leader in the installation and support of leading technology products for credit unions. Data Systems of Texas' long-time commitment to integrating best-of-breed technology solutions led them to Verafin. One key factor contributing to their endorsement of Verafin is its straightforward integration with the Sharetec core processing system.

Municipal Employees Credit Union of Oklahoma City (MECU) has been a Verafin customer for approximately a year and a half. "Verafin has allowed us to capture more suspicious activity and fraud than we could have with our manual processes," says Sonya Sugg, HR/Compliance Director at MECU. "Its ease of use has allowed us to learn all the functionality quickly. As the first credit union on the Sharetec core system to use Verafin, the Verafin team worked with us closely to get the application up and running quickly. We've had a great experience with training and support - we can call Verafin and speak with an actual person."

"We are very pleased to have Data Systems of Texas on board as one of our partners," said Jamie King, CEO of Verafin. "The fact that they chose to partner with Verafin reflects their dedication to providing their credit union customers with the most advanced and effective core technology and support products. Now with nearly 40 core banking system integrations, Verafin is happy to have the opportunity to work with Sharetec customers."

To learn more about Verafin or this partnership, call 1.866.781.8433 or email info@verafin.com.

About Verafin Inc.

Verafin helps nearly 500 financial institutions across North America manage and automate many previously manual or complex functions including: customer risk scoring, suspicious activity detection, watch list scanning, case management, compliance reporting, record keeping and vendor management. An innovation leader in next-generation anti-money laundering, anti-fraud and compliance solutions, Verafin has more than 40 endorsements by national and state industry associations. For more information, visit www.verafin.com, email info@verafin.com.

About Data Systems of Texas

Data Systems of Texas has provided credit unions in Texas and other parts of the southwest with core data processing options for over 25 years. As the southwest US partner for the Sharetec Systems core processing system, Data Systems offers both in house and online solutions. Some features of this core system are credit union teller services, member services, loan processing, accounting systems, batch processing, and more. The Sharetec core counts more than 300 credit unions as customers. For more information, visit www.datasystemstx.com, email rplace@datasystemstx.com, or call 1.800.245.7504.

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