Harland Financial Solutions has entered into a strategic alliance with Verafin, a provider of fraud detection and anti-money laundering software across North America.
The alliance will expand Harland Financial Solutions’ existing product-centric fraud and anti-money laundering capabilities significantly.
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Verafin’s FRAML software enables a financial institution’s fraud detection and BSA/AML compliance professionals to quickly respond to suspicious activity.
Under the alliance agreement, Harland Financial Solutions’ Enterprise Fraud Management solution will extend beyond its existing product-specific protections, such as currency transaction reporting within its teller systems.
Andrew King, vice president of alliances for Verafin, said: "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.
"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," King added.
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By GlobalDataWith FRAML, it now will be possible for Harland Financial Solutions’ clients to monitor their customer behaviors simultaneously across multiple touch points throughout the enterprise. Given the increasing sophistication of fraud perpetrators, this is a necessary expansion of scope that makes it possible to identify potential suspicious activity that might otherwise be missed when analyzed in isolation within individual systems or departments.
This holistic enterprise approach will allow a financial institution to more effectively respond to suspicious activity and to better prioritize multiple fraud occurrences at the customer level based on input from its teller system, ATM/debit/credit card systems, ACH system, Internet Banking system and core system.
Scott Hansen, executive vice president, business development, Harland Financial Solutions, said: "We are seeing an increased demand from our clients for a complete fraud detection and anti-money laundering solution to complement our offerings. 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."
