V

Verafin

www.verafin.com link_icon

Company Research Report: Nasdaq Verafin



Company Overview



  • Name: Nasdaq Verafin

  • Mission of the Company: Nasdaq Verafin aims to provide innovative, cloud-based financial crime management solutions to enhance fraud detection, AML/CFT compliance, and high-risk customer management.

  • Key People in the Company:

  • No information is available

  • Headquarters: 18 Hebron Way, St. John’s, NL A1A 0L9, Canada

  • Number of Employees: No information is available

  • Revenue: No information is available

  • What the Company is Known For: Nasdaq Verafin is renowned for its industry-leading solutions for fraud detection, AML/CFT compliance, high-risk customer management, sanctions screening and management, and information sharing.


Products



1. Fraud Detection and Management


  • Description: Includes a suite of tools to detect and manage various types of fraud, leveraging innovative cross-channel assessments and consortium analytics.

  • Key Features:

  • Instant Payments Fraud: Real-time detection for TCH RTP and FedNow payments.

  • Deposit Fraud: Analysis of deposit channels for unusual activities and scams.

  • Check Fraud: Combines behavioral evidence with consortium insights.

  • Wire Fraud: Real-time analysis for domestic and international transfers.

  • ACH Fraud: Protection against unauthorized ACH debits and other fraudulent activities.

  • Online Account Takeover: Alerts for abnormal online account activities.

  • Card Fraud: Detects anomalies in card activities using advanced analytics.

  • Loan Fraud: Alerts for suspicious loan charge-offs and fraudulent loans.


2. BSA/AML Compliance and Management


  • Description: Nasdaq Verafin’s solutions to ensure regulatory compliance and enhance detection for AML/CFT.

  • Key Features:

  • Targeted Typology Analytics: Uses AI to detect specific predicate crimes.

  • Transaction Monitoring: Comprehensive monitoring of customer transactions for suspicious activities.

  • CDD/EDD: Helps streamline customer onboarding and due diligence processes.

  • CTRs and SARs: Automates the generation and direct e-filing of SARs and CTRs.

  • High-Risk Customer Management: Automatic identification and ongoing surveillance of high-risk customers.


3. High-Risk Customer Management


  • Description: Solutions aimed at improving due diligence processes and managing customer risk.

  • Key Features:

  • Segmentation: Customizable AOQ for identifying and segmenting high-risk customers.

  • Risk Stratification: Stratified risk agents to automatically risk score customers.

  • Enhanced Due Diligence (EDD): Automates and integrates due diligence processes.

  • Ongoing Surveillance: Continuous monitoring of high-risk accounts for unusual activity.


4. Sanctions Screening & Management


  • Description: Reduces false positives, increases efficiency, and strengthens audits with an all-in-one solution.

  • Key Features:

  • Screening: Targeted sanctions screening analytics.

  • Management: In-application name sensitivity testing and detailed audit logs.


5. Information Sharing


  • Description: Centralized platform for information sharing, aiding in complex collaborative investigations.

  • Key Features:

  • Verification and Collaboration: Daily 314(b)-list verification, confidential collaborations, and group collaborations.

  • Document and File Sharing: Secure sharing of documents and files to strengthen investigations.


Recent Developments



New Products Launched


  • Entity Research Copilot: A Generative AI feature to assist in investigations and significantly improve efficiency (launched April 22, 2024).


New Features Added to Existing Products


  • Targeted Typology Analytics Enhanced: Added capabilities for detecting terrorist financing and drug trafficking activities (announced September 23, 2024).

  • Check Fraud Consortium Analytics: Enhancement providing insights into deposit-side activities for detecting check fraud.


Recent Partnerships


  • Partnership with IBT Apps: To fight financial crime by integrating Nasdaq Verafin’s solutions with IBT Apps' core banking systems for community banks (June 1, 2022).


Awards and Recognitions


  • Chartis RiskTech Quadrant® 2023: Recognized as a category leader in payment risk solutions (August 25, 2023).


Acquisitions


  • Acquisition by Nasdaq: Completed February 11, 2021.