Hartland Financial Solutions, Verafin to tackle fraud, anti-money laundering

Under the terms of the alliance, Harland Financial Solutions’ Enterprise Fraud Management solution will extend beyond its existing product-specific protections, such as currency transaction reporting within its teller systems.

Harland Financial Solutions’ clients will now be able to monitor their customer behaviours simultaneously across multiple touch points throughout the enterprise. This holistic enterprise approach will allow a financial institution to respond to suspicious activity and to 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.

Verafin’s FRAML solution uses artificial intelligence and behaviour pattern-based recognition to detect suspicious activity. Combining fraud detection and AML (FRAML) processes, the company’s solution alerts compliance officers and fraud professionals of suspicious behaviour and anomalies while improving investigations and satisfying compliance with BSA/AML regulations.