The Massachusetts Bankers Association (MBA) has endorsed Verafin's compliance, anti-money laundering (AML) and fraud detection software. The MBA represents more than 200 banks across Massachusetts, with aggregated assets of $1.8 trillion.
Under the endorsement, the MBA recognized Verafin as the exclusive AML and anti-fraud software solution recommended to its members.
Verafin claims that its solution can detect fraudulent activity as well streamline the fraud and money laundering detection process, which will ultimately result in reducing the burden on internal IT resources.
Peter Blanchard, executive director for education management and member services of the MBA, said: “Verafin will help MBA member institutions effectively combat criminals and comply with government regulations.
“Verafin’s unique approach will help our members increase transparency within their institution and avoid regulatory issues. We are excited to share this innovative solution with our members across Massachusetts.”
Jamie King, president of Verafin, said: “Financial institutions are dealing with increasingly complex schemes and more regulations than ever before. Our integrated approach combines fraud and AML, a process we call FRAML. It gives Verafin customers a complete view of their transaction activity.
“This reduces duplicate investigations and false positive alerts, resulting in better outcomes with less cost. We look forward to working with MBA members and bringing this innovative solution to banks across Massachusetts.”