United Bank partners with Verafin for BSA/AML software

United Bank has partnered with Verafin, a provider of cloud-based BSA/AML and fraud detection software.

In choosing a solution provider, United Bank said it was imperative the company and its team were able to grow alongside them.

Verafin’s solution applies artificial intelligence and machine learning technology to give financial crime investigators with ‘highly-targeted’ multi-channel AML and fraud alerts.

The BSA/AML and fraud detection solution analyses the eternity of a customer and their activity, with the enterprise being alerted to any suspicious behaviour. Its fraud detection services help companies to continuously monitor transaction channels and highlights any deposit, check, wire, ACH, loan, card, or account take over fraud.

To aid an enterprise with AML, Verafin uses behaviour-based analysis to uncover any illicit activity, including, money laundering, terrorism financing, unusual tax refunds, human trafficking and funnel accounts.

In addition to these service, it provides a range of time-saving tools and automation software for daily compliance processes.

United Bank chief risk officer Darren Williams said, “Our evaluation process included numerous different solutions. Verafin’s dedication to innovation and underlying subject matter expertise was visible to us throughout every product demonstration and every conversation we had with their team.

“As any institution knows, particularly at our size, false alerts create incredible inefficiency and frustration for our employees and customers. Seeing how aggressively Verafin is advancing its analytical models to significantly reduce false alerts is very impressive.”

Last year, First Interstate Bank also partnered with Verafin in order to implement its fraud detection and anti-money laundering tools.

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