Terra Firma partners with Verafin to help credit unions improve detection of money laundering and fraud
St. John's, Newfoundland and Labrador, Canada February 3, 2010
Verafin Inc., a leading provider of compliance, anti-money laundering (AML), and fraud detection software, announces a strategic business partnership with Terra Firma Information Technology, Inc., which offers in-house core processing services to credit unions, as well as two online centers.
Verafin helps protect credit unions and banks from the financial, compliance, and reputational risks associated with fraud and money laundering. Its Bank Secrecy Act (BSA)/AML and anti-fraud solution provides automated risk scoring, suspicious activity detection, watch list scanning, case management, compliance reporting, record keeping and vendor management.
Terra Firma chose Verafin due to its reputation within the industry as the top regulatory product of its kind. Terra Firma's selection of Verafin as its BSA/AML and anti-fraud automation vendor of choice is in keeping with its mission to help its current and future credit unions reach objectives and goals efficiently.
"We are very excited to be working with Terra Firma," says Jamie King, President of Verafin. "We value Terra Firma's long-standing customer-oriented approach, as it mirrors the way we like to interact with our customers. By partnering with Verafin, Terra Firma's customers are being exposed to next- generation analytics that surpass rules-based automation products, and that supports an integrated approach to detecting money laundering and fraud."
"We at Terra Firma are committed to offering the most advanced technological features in the industry to the nation's credit unions, says Deborah Newman, Chief Operations Officer at Terra Firma. "Verafin offers a superior product with outstanding support and we are pleased to be their partner in the credit union industry."
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About Verafin
Verafin helps nearly 500 financial institutions across North America manage and automate many previously manual or complex functions, including: customer risk scoring; suspicious activity detection; watch list scanning; case management; compliance reporting and record keeping; and vendor management. An innovation leader in next-generation anti-money laundering, anti-fraud, and compliance solutions, Verafin partnerships include more than 40 endorsements by national and state industry associations. For more information, visit www.verafin.com, email info@verafin.com, or call 1.877.368.9986
About Terra Firma Information Technology, Inc.
Headquartered in Conway, South Carolina, Terra Firma has almost three decades of experience in the design, development, maintenance, and support of financial services industry technologies for its core system customers. By offering both an in-house and online hosting option to its customers, Terra Firma remains flexible and agile in adopting new practices and technologies, while reducing IT issues. To contact Terra Firma, visit www.terrafirmainc.net, email dnewman@terrafirmainc.net or call 1-800-235- 1285.