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Avon, Conn. – December 13, 2010 — COCC and Verafin Inc. have agreed to deliver next generation fraud detection and anti-money laundering (AML) solutions to COCC’s clients across the northeastern United States. Under the partnership agreement announced today, Verafin has integrated its fraud and anti-money laundering solution with COCC’s .Net core banking and eBanking platforms, providing COCC clients with next generation analytics and automation to detect financial crime and streamline their BSA compliance operations.
“COCC is excited by the opportunity to integrate Verafin’s advanced fraud and AML (FRAML) solution with our next generation core technology,” said Joe Trafton, Senior Vice President and Chief Strategies Officer at COCC. “Verafin’s comprehensive view of customer/member activities powered by their behavior-based technology and integrated approach to fraud and AML will definitely increase our clients’ efficiency and effectiveness as they work to mitigate the risks of financial crime.”
With nearly 600 financial institutions using Verafin today, the company is a recognized innovator and thought leader in fraud and risk management. Considered best in class by many in the financial services industry, Verafin provides comprehensive functionality, including BSA/AML compliance, FACTA Red Flags, fraud detection and case management.
Clients rely on Verafin’s behavior-based technology to anticipate criminal tactics and to increase operational efficiencies. Auditors and examiners consistently give Verafin high remarks for its effectiveness. The product is endorsed by several state banking and credit union associations, including the Massachusetts Bankers Association (MBA) and the Credit Union National Association (CUNA).
“Verafin is extremely pleased to partner with COCC to deliver superior service and efficiency through advanced technology and integration,” said Jamie King, President of Verafin. “We know that COCC’s clients will benefit from our highly-effective risk mitigation and streamlined regulatory capabilities. This is where next generation technology really delivers for community based financial institutions.”
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