Verafin integrates with Open Solutions’ core banking systems such as DNA, CUnify and TotalPlus. Verafin’s FRAML solution utilizes 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. Of Verafin’s more than 750 customers, over 120 are using Open Solutions’ core banking systems.
In recent news, Open Solutions has rolled out a new online banking service, dubbed DNAweb, which is integrated with the company’s DNA platform.
Verafin enables financial institutions to comply with the Bank Secrecy Act, USA PATRIOT Act, and FACTA regulations, while helping to protect against fraud. The company provides the BSA/AML and fraud detection software for the California Bankers Association, Massachusetts Bankers Association, CUNA Strategic Services and 40 credit union leagues and associations in the US.
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