Verafin is the industry leader in enterprise Financial Crime Management, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing.
Verafin’s cloud-based, consolidated Financial Crime Management platform provides financial institutions with a complete solution to detect, investigate and report financial crime.
Verafin was founded in 2003 by Jamie King, Raymond Pretty and Brendan Brothers. The company is headquartered in St. John’s, NL, Canada, with an additional office in Toronto, Ontario.
Verafin analyzes customer activity across multiple transaction channels, providing you with robust alerts that highlight a wide range of fraudulent scenarios and protect you against fraudsters targeting your institution and customers. Verafin provides artificial intelligence and machine learning to give you the ability to quickly uncover illicit activity, along with solutions to strengthen your end-to-end BSA/AML compliance program.
Verafin's cloud-based cross-institutional software is used by nearly 3000 financial institutions to fight financial crime and strengthen regulatory compliance. The company has industry endorsements in 47 states, including the Texas Bankers Association, Western Bankers Association, Florida Bankers Association, Illinois Bankers Association, Massachusetts Bankers Association, and Credit Union National Association Strategic Services.
Verafin uses artificial intelligence and machine learning for cross-institutional, multi-channel analysis to show you truly unusual activity with a single alert, saving you time and providing you with the information you need to decide how to proceed. It’s approach includes big data intelligence, visual storytelling and collaborative investigations to help institutions stay a step ahead of regulatory change and financial crime.
Verafin is backed by Spectrum Equity, Information Venture Partners’ (IVP), Northleaf Capital Partners, BDC Capital and Teralys Capital. The company completed its latest C$515 million equity and debt recapitalization financing on Sep 25, 2019.