2011 a Year of Growth for Verafin
25% growth in customers, new US office and placing on Deloitte’s Technology Fast 500 list just a few of the milestones for fraud detection and anti-money laundering software provider.
St. John’s, NL—February 23, 2012 — Verafin Inc. a leading provider of fraud detection and anti-money laundering (FRAML™) software, today announced another year of spectacular growth with over 800 customers relying on their behavior-based fraud detection and BSA/AML compliance product.
“It was a great year, with a 46% increase in bookings from 2010,” declares Jamie King, Verafin’s CEO. “I believe our continued growth is a direct result of a dedication to our customers, which saw us achieve an impressive Net Promoter Score (NPS). This dedication was at the heart of the team’s product innovation, resulting in regular software functionality updates that helped our customers successfully fight financial crime. The focus on customers and how Verafin’s software can help them has put us in a position to continue our strong forward momentum.”
During 2011, Verafin’s momentum continued as they achieved several significant milestones, including:
A 25% increase in its customer base from 2010, with over 800 financial institutions by year end;
A continued customer retention rate of 99%;
Ranked 128th on Deloitte’s Technology Fast 500™, a ranking of 500 of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America;
Further integrations with core banking systems, bringing the total to 65;
New partner relationships with Open Solutions Inc., and FPS Gold;
Important technological advances in fraud detection, including tools for finding customer debit cards used at Common Points of Compromise (CPC);
The opening of a new office in Birmingham, Alabama.
“Since implementing Verafin in early 2011 we have captured more suspicious activity and increased our efficiency," says Lesley Vogt-Behan, VP of Compliance/Security at BankNewport, a community bank with over $1 billion in assets located in Rhode Island. “Part of the reason we chose Verafin is because it is intuitive and really helps us consolidate our fraud detection and anti-money laundering efforts. Thinking of the advantages we experience with Verafin and their dedication to working with us, I am not surprised they are experiencing such positive growth.”
With a FRAML software solution that analyzes customer activity and data for anomalous activity across transaction channels, Verafin enables fraud detection and BSA/AML compliance professionals to quickly and effectively respond to suspicious activity. Powerful and easy-to-use, the FRAML software is a complete package, from alert generation to case management and automated electronic regulatory reporting.
“We continued to innovate in 2011 and plan to keep pushing forward,” says Raymond Pretty, VP of Engineering at Verafin. “If our customers thought 2011 was exciting, I cannot wait for them to experience the advances we have in store for 2012!”