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Products

Verafin expands operations

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ST. JOHN'S, Newfoundland (12/2/11)--Verafin Inc., a provider of compliance, anti-money laundering (AML) and fraud-detection software, will open a new corporate office in Birmingham, Ala., on Monday.

Verfin is a CUNA Strategic Services provider.

The role of the Birmingham office will be to better serve customers in the South, Midwest and Western states with training, technical support, sales and services, Verafin said.

Verafin's FRAML solution uses artificial intelligence and behavior pattern-based recognition to detect suspicious activity. Bringing fraud detection and AML (FRAML) processes together alerts compliance officers of suspicious behavior and anomalies while improving investigations and satisfying compliance with Bank Secrecy Act and anti-money laundering regulations, the company said.

The company announced a formal partnership with Open Solutions Inc. to bring its FRAML solution to customers of Open Solutions' on-demand and on-premise core banking systems.

CUAnswers awards 10000 in grants

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GRAND RAPIDS, Mich. (12/2/11)--CU*Answers, a Grand Rapids, Mich.-based credit union service organization, distributed $10,000 to five credit unions as part of its first Annual Investment Grant Program.

Leading up to the event, participating credit unions provided Randy Karnes, CEO ofCU*Answers, and the CU*Answers board of directors with a synopsis of an innovative idea for which they lacked proper funding.

Of the entries, five finalists were selected to present their investment opportunity to their peers at the 2011 CEO Roundtable Event, hosted by CU*Answers.

After each credit union presented its investment opportunity to their fellow CEOs, a selection committee of credit union CEOs gathered to distribute $10,000 in grant funds.

The credit unions rewarded included:

  • AAC CU, Grand Rapids, Mich.;
  • Community CU, La Crosse, Wis.;
  • GR Family CU, Grand Rapids, Mich.;
  • Heartland CU, Madison, Wis.; and
  • Frankenmuth CU, Frankenmuth, Mich.
CU*Answers also announced that it had added eight credit union investors to reach 101 credit union owners.

CU*Answers provides services for credit unions including its flagship CU*BASE processing system and Internet development services, featuring online and mobile banking, Web development, network design and security, and image check processing.