Verafin

Verafin

May 24, 2010 13:30 ET

Verafin Signs Strategic Alliance Agreement With Synergent

New England credit unions will have easy access to second-generation BSA and fraud detection solution

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - May 24, 2010) - Verafin, Inc., a leading provider of compliance, anti-money laundering (AML) and fraud detection software to the financial services industry, today announced it has signed a strategic alliance agreement with Synergent, a provider of technology services, payment systems and marketing solutions to New England-area credit unions. This agreement will facilitate the installation and implementation of Verafin for Synergent's credit union users, reducing the costs and time related to deploying the software.

"Synergent is committed to helping its credit union customers grow their businesses and become more efficient," said Gary Glenn, Senior Vice President of Synergent. "Verafin will eliminate the manual work involved in reviewing core system reports by generating qualified suspicious activity and fraud alerts so credit union employees have more time to focus on their members."

Many credit unions in New England still rely on manual systems to complete compliance tasks, but are moving towards automating compliance, BSA and fraud processes. Verafin's second generation behavior-based software allows credit unions to stay a step ahead of financial criminals and maintain efficient and accurate reporting processes. Instead of the rigid rules-based systems currently on the market, Verafin uses artificial intelligence to search out unusual behaviors. It not only helps institutions catch more suspicious activity, it changes the way compliance officers think about their daily processes. With Verafin, just one person is needed to oversee alerts and determine the best investigator.

"We are always happy to find a partner with values similar to ours. We're both committed to providing our customers with the best solutions and service," said Jamie King, CEO of Verafin. "This partnership with Synergent means we can be confident that our customers will continue to receive exceptional service."

To learn more about Verafin or the strategic alliance between Verafin and Synergent, call 1-866-781-5433 or email info@verafin.com.

About Synergent

Synergent, a subsidiary of the Maine Credit Union League, is a leader in providing innovative technology, business and service solutions to credit unions throughout New England. Formed in 1971, today Synergent has over 125 employees within its four divisions, Technology Services, Card Services, Print and Creative Services, and Check Processing and Support Services. For more information on Synergent, visit www.synergentcorp.com or 1-800-341-0180.

About Verafin, Inc.

Verafin, Inc. 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 second-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 www.verafin.com, email info@verafin.com, or call 1.866.781.8433.

SOURCE Verafin, Inc.

Copyright(C) 2010 Verafin, Inc. All rights reserved.

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