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Verafin Passes the 900 Customer Mark
[December 04, 2012]

Verafin Passes the 900 Customer Mark

ST. JOHN'S, Newfoundland --(Business Wire)--

Verafin Inc. (, a leading provider of enterprise fraud detection, anti-money laundering (AML) and compliance software, announces it now has over 900 customers with Columbia Bank (New Jersey) the latest bank to choose Verafin's FRAML™ (fraud detection and AML) solution.

"The bank needed to enhance our BSA/AML solution to provide more automation and gain a better understanding of our customers and their activities," says Tim Lenhoff, Chief Technology Officer and SVP with Columbia Bank, a financial institution with over $4.6 billion in assets and headquartered in Fair Lawn, NJ. "In reviewing Verafin's reputation within their client base, the ease of use with the software and Verafin's customer approach to the project and support, we knew this was the right direction for us. We needed an enterprise solution that allowed us to perform thorough and efficient due diligence on each of our customers throughout their time with our bank. We also wanted a smarter transaction monitoring solution that alerted us when something was truly suspicious activity and didn't waste our time with a large number of false alerts."

Mr. Lenhof concludes, "Verafin's innovative, intelligence-based approach, its analysis of customer behavior across transaction channels and the focused alerts that are generated are exactly what we need to make the best decisions. We are looking forward to a great relationship."

Verafin continues to experience rapid growth of its customer base as financial institutions look for more intelligent and efficient ways to protect against the growing threat of fraud loss. Verafin's FRAML solution is a natural choice, providing institutions with an enterprise software suite that helps in the prevention of financial crime and eases the challenge of BSA compliance.

"It's a really exciting time for us. Our ranking on the 2012 Deloitte (News - Alert) Technology Fast 500™ along with our 900th customer mark are really important milestones and are a direct result of how committed we are to customer success," says Jacquelyn Holden, VP of Sales at Verafin. "Our intelligence-based FRAML approach allows our customers to work smarter and detect suspicious activity faster. From staying ahead of the latest regulations to building intelligent analytics that uncover increasingly complex fraud patterns, our customers play an integral part to ensure we are always a step ahead."

Utilizing the latest advances in artificial intelligence and behavior-based pattern recognition, compliance officers and fraud professionals gain an improved understanding of the institution's customers and their activity. An easy-to-use interface, teamed with detailed suspicious activity alerts and fully integrated case management functionality means institutions have a centralized location from which they can detect, investigate, document, and neutralize suspicious activity-while meeting regulatory requirements.

About Columbia Bank
Headquartered in Fair Lawn, NJ, Columbia Bank has an asset base of approximately $4.6 billion and 44 full-service offices throughout New Jersey. Columbia Bank offers a wide range of consumer and commercial products, including online and mobile banking, localized lending centers as well as investment and wealth management services.

About Verafin
Verafin is a leader in enterprise fraud detection and anti-money laundering solutions (FRAML™) for financial institutions across North America. Its software utilizes advanced behavior-based analytics that allows banks and credit unions to stay a step ahead of cutting edge fraud trends and the BSA, USA PATRIOT Act, and FACTA compliance landscape. Verafin is the exclusive provider of fraud detection and BSA/AML software for the California Bankers Association, Florida Bankers Association, Massachusetts Bankers Association, CUNA Strategic Services and has industry endorsements covering 44 states across the U.S. For more information, visit, email or call 1-866-781-8433.

© 2012 Verafin Inc. All rights reserved.

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