Harland Financial Solutions announced on Tuesday that it has partnered with Verafin to expand its fraud detection and anti-money laundering product capabilities.
Verafin, a provider of fraud detection and anti-money laundering software, will provide its FRAML software to Harland to allow the company’s clients to monitor customer behaviors.
The FRAML software allows a financial institution’s fraud detection and anti-money laundering compliance professionals to respond quickly to suspicious activity.
“There are clear synergies between Verafin and Harland Financial Solutions, including a vision of delivering advanced technology solutions that help to revolutionize the financial services industry,” Verafin Vice President of Alliances Andrew King said. “Harland Financial Solutions’ core processing solutions, combined with our FRAML software, will help financial institutions increase their efficiencies and proactively protect themselves, and their customers, from even the most advanced fraud and money laundering schemes.”
Fraud perpetrators have become increasingly sophisticated, requiring institutions to expand their scope of monitoring to identify suspicious activity that might otherwise be missed under isolated analysis within departments or individual systems.
“We are seeing an increased demand from our clients for a complete fraud detection and anti-money laundering solution to complement our offerings,” Scott Hansen, the executive vice president of business development at Harland, said. “We looked closely at the industry for companies that are making a real impact. What we saw and heard made us very confident about choosing Verafin. Their reputation for technical innovation, successfully helping to prevent financial crime, and culture of dedicated client support is really unmatched. We are excited to be working with Verafin and to offer our clients what we feel is the best fraud detection and BSA/AML compliance software available.”