Verafin
Verafin provides financial crime management solutions, including fraud detection, anti-money laundering, and high-risk customer management, using AI-powered technology for financial institutions.
Services
Verafin provides financial crime management solutions tailored for financial institutions, including fraud detection and management, BSA/AML compliance, high-risk customer management, sanctions screening, and information sharing. Their solutions enhance investigator efficiency using AI-powered technology to process and integrate data from numerous sources across the cloud.
Products
Verafin offers a comprehensive suite of products aimed at combating various financial crimes. These include solutions for faster payments fraud, deposit fraud, check fraud, wire fraud, ACH fraud, online account takeover, card fraud, and loan fraud. Their anti-money laundering tools detect money laundering, human trafficking, terrorist financing, and unusual tax refunds. Verafin also offers high-risk customer management solutions such as enhanced due diligence and high-risk customer surveillance.
Founders
Verafin was founded in 2003 by three engineers from Memorial University in St. John’s, Newfoundland and Labrador. Their graduate studies on artificial intelligence and decision-making systems laid the groundwork for Verafin's advanced financial crime management technologies.
History
Founded in 2003, Verafin has grown to become a leader in financial crime management solutions. The company now processes over 1.1 billion transactions weekly and supports a global ecosystem of Tier-1 and Tier-2 banks. In 2020, Verafin joined the Nasdaq brand, further extending its capabilities to service financial institutions and regulatory authorities worldwide.
Community Support
Verafin actively engages in community support through their internal charity, VeraCares. Since 2013, VeraCares has raised over $1.8 million for various causes. The company fosters a collaborative and team-oriented culture, offering comprehensive benefits, flexible working hours, and opportunities for professional and personal growth.