January 25, 2010 13:30 ET

Member Driven Technologies Partners With Verafin to Help Symitar Credit Unions Detect Money Laundering and Fraud

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Jan. 25, 2010) - Verafin Inc., a leading provider of compliance, anti-money laundering (AML), and fraud detection software, announces a partnership with Member Driven Technologies (MDT), a Credit Union Service Organization (CUSO) focused on serving the technology needs of credit unions. The agreement enables MDT to offer its credit union customers a full-featured compliance, AML, and anti-fraud solution that integrates seamlessly with the Symitar Episys platform from Jack Henry and Associates.

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, eliminating the need to create and manage an ever increasing number of if-then rules. 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.

"We are excited about the new partnership with Verafin and the opportunity to provide a best in class anti-fraud, anti-money laundering solution to our credit unions," said Larry Nichols, President/CEO of Member Driven Technologies. "We feel that this product is a great addition to MDT's overall service offering and provides our customers a way to address risk and compliance requirements for many different credit union functions, such as Bank Secrecy Act (BSA) and the FACTA Red Flag Rule at a decreased cost of compliance."

Through this partnership, MDT credit unions gain the opportunity to implement automated compliance, AML, and fraud detection software easily and cost effectively. Accessing Verafin through a hosted environment, MDT credit unions eliminate the need to purchase and maintain additional hardware, and reduce the costs and challenges associated with integration and maintenance of an in-house solution.

"We have over 50 customers on Symitar's Episys core processing system, and will bring that expertise to our partnership with MDT," said Jamie King, president of Verafin. "We look forward to working closely with MDT to help protect its clients from the financial, compliance, and reputational risks associated with fraud and money laundering."

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 and record keeping; and vendor management. An innovation leader in next-generation anti-money laundering, anti-fraud, and compliance solutions, Verafin partnerships include more than 40 endorsements by national and state industry associations. For more information, visit, email, or call 1.877.368.9986.

About Member Driven Technologies

Headquartered in Warren, Michigan, Member Driven Technologies is a Credit Union Service Organization (CUSO) that was founded by credit unions, and is dedicated to serving the unique needs of its credit unions by providing the technology and services that will help to fuel the growth of its clients - and serve the needs of their members. For more information, visit

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