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Over 1500 Financial Institutions Now Utilizing Verafin's Innovative FRAMLx SolutionVerafin, North America's leading cross-institutional BSA/AML and fraud detection solution provider, continues to shape and enhance the future of the fight against financial crime. In its Fall 2016 Semiannual Risk Prospective the Office of the Comptroller of the Currency (OCC) highlighted difficulties associated with Bank Secrecy Act (BSA) compliance and operational risk resulting from a heightened environment of cybersecurity threats as key risks for banks of all sizes. In an environment where banks must "continually up their game" to protect themselves from the latest criminal attacks, over 1500 financial institutions now look to Verafin and its innovative FRAMLx (cross-institutional Fraud detection + AML) solution. One bank that recently chose Verafin as its preferred BSA/AML software provider is Bank of the Ozarks, an $18B in assets bank headquartered in Little Rock, Arkansas. Bank of the Ozarks, established in 1903, is a high-performing regional bank with 249 locations across nine states - recognized for the past four consecutive years by Bank Director magazine as the nation's top performing bank in its asset category. "We've been using Verafin for a little over six months now and the team here is really impressed," says Ashley Wisdom, Corporate BSA Officer. "The alerts are very high quality, meaning we're now able to focus our attention on truly unusual activity. Plus, with the wide range of tools available to us in Verafin, from BSA/AML compliance to fraud detection, we can quickly access the information we need to make better investigative decisions - putting together a more complete picture in less time." Wisdom continues, "Another thing that stands out is Verafin's innovative approach. The software is constantly being enhanced, the updates are seamless, and their customer support is second-to-none." Dedication to Innovation Throughout the past year and into 2017, Verafin has structured its development teams to achieve more dynamic and user-focused enhancements of its fraud and suspicious activity detection functionality. Two primary factors in the success of Verafin's enancements are the
Highlights from the past year include:
"Financial crime is always changing," says Brendan Brothers, Verafin Co-founder. "That's why innovation is vital and why we treat it as a cornerstone of our approach to developing the industry's leading BSA/AML and fraud detection solution. "Over the past year we've put a lot of focus on expanding our analytics to create highly targeted suspicious activity alerts. We've built a lot of momentum and the results we're seeing from our users are very exciting. It's motivating to know our software is having such a positive impact and is helping so many financial institutions successfully prevent financial crime." About Bank of the Ozarks Bank of the Ozarks, Inc. shares trade on the NASDAQ Global Select Market under the symbol "OZRK." The Company owns a state-chartered subsidiary bank that conducts banking operations through 249 offices in Arkansas, Georgia, Florida, North Carolina, Texas, Alabama, South Carolina, New York and California. The Company can be found at www.bankozarks.com and on Facebook, Twitter and LinkedIn. About Verafin www.verafin.com Verafin is an industry leader in cloud-based Fraud Detection and Anti-Money Laundering (FRAMLx) collaboration software with a customer base of over 1500 financial institutions across North America. Verafin is the exclusive provider for the CBA, FBA, IBA, MBA, CUNA Strategic Services, a preferred service provider of the ICBA, in addition to industry endorsements in 44 states across the U.S. Verafin's innovative crime-fighting solution includes FRAMLxchange, the secure information-sharing network available to any 314(b)-registered institution.
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