FPS GOLD Selects Verafin to Provide Next Generation Fraud and Anti-Money Launder

ing Solution to its Customers

Verafinâ s integrated,intelligent fraud and anti-money laundering solution integrates
with FPS GOLDâ score banking system to ensure banks mitigate the risk of financial c
rime with complete visibility and compliance.
Provo, UT and St. Johnâ s, NL, February 23, 2011 -- FPS GOLD, ( http://www.fps-gold.c
om ) a provider of core software systems for banks, and Verafin Inc., ( http://w
ww.verafin.com ) a leading provider of compliance, anti-money laundering (AML) a
nd fraud detection software, today announced a partnership and the availability
of Verafinâ s industry leading fraud detection and anti-money laundering(FRAML) ( htt
p://verafin.com/framl-equals-fraud-plus-aml ) software to FPS GOLD and its finan
cial services customers across the United States.Verafin integrates with FPS GOL
Dâ s core banking system, providing financial institutions with the necessary visibil
ity and regulatory compliance to deter financial crime.
"Our partnership with Verafin will provide a comprehensive and intuitive solutio
n for our customers in their compliance programs," said Brent Shuldberg, Executi
ve Vice President at FPS GOLD. "We know that FPS GOLDâ s core system, joined with Ver
afinâ s next generation fraud and anti-money laundering solution, will be an asset to
any bank in the United States."
Verafin is an integrated and intelligent fraud detection and anti-money launderi
ng (AML) solution that combines the capability to detect and act upon various fo
rms and levels of fraud and money laundering, while providing complete visibilit
y into customer activity and ensuring comprehensive compliance reporting. Easy t
o use and implement, it is the onlysolution in the financial services industry t
hat combines the integration ofthe four most important processes in preventing f
inancial crime - fraud detection, anti money laundering, regulatory agency repor
ting and core banking systems, with intelligent-based, behavioral technology, us
ed to detect financial crime, into a single platform.
"Building a strong partnership with FPS GOLD and its member institutions is furt
her proof of Verafinâ s continued momentum in the banking market, providing a consoli
dated and intelligent solution to fraud and anti money laundering," said Jacquel
yn Holden, Vice President of Sales at Verafin. "FPS GOLD customers recognize the
need for a next generation solution that provides them with an increasingly sop
histicated and effective way to reduce loss from fraud and reputational risk fro
m money laundering in a single, easy-to-use platform."
According to a June, 2010, report, The AML Global Insight Series, jointly publis
hed by the Association of Certified Anti Money Laundering Specialists and Ernst
and Young, the majority of all banks report less than a 10% success rate at dete
cting fraud or money laundering, precipitating the need by 46% of all institutio
ns surveyed to upgrade their systems to new solutions and technologiesin the nex
t two years. Unlike traditional products that are based on a set of pre-defined
rules that become unwieldy and outdated, Verafin uses dynamic, intelligent based
technology for fraud and AML detection that combines transaction activity with
behavioral information. Using advanced artificial intelligence (AI) to replicate
human reasoning, Verafin enables banks to holistically catch and report on susp
icious customer activity in a single view with complete transparency. Todayâ s manual
and rules-based systemseither miss this activity or create additional layers of
complexity, making crime more difficult to detect.
Verafin is available immediately to FPS GOLD customers. For more information, vi
sit http://www.verafin.com or call 1-866-781-8433.
About Verafin:
Verafin is a leader in anti-money laundering and fraud detection solutions for f
inancial institutions, with over 650 customers that span nearly 60 core processi
ng systems and a broad asset range. Verafin helps financial institutions comply
with the Bank Secrecy Act, USA PATRIOT Act, and FACTA regulations, while also he
lping to protect against fraud. Verafin is the exclusive provider of BSA/AML and
fraud detection software for the California Bankers Association, Massachusetts
Bankers Association, CUNA Strategic Services and 40 credit union leagues and ass
ociations in the United States. For more information, visit http://www.verafin.c
om, email us at FRAML@verafin.com or call 1-866-781-8433.
About FPS GOLD:
FPS GOLD began in 1964 and has provided information processing services to comme
rcial banks and thrifts continuously for the last 46 years. They have institutio
ns with home offices in nineteen states and branches in twenty-four states and o
ne foreign country, all of which are supported with current-generation software
technology. The teleprocessing network spans the United States and connects 9,72
9 end-user workstations with their host computer in Provo, Utah. FPS GOLD
develops, markets and services corebanking software that uses a robust and secu
re data-processing center and provides additional integrated services such as re
lationship banking, Internet banking, print and digital monthly statements, and
accounting. The company has a distinguished track record with decades of experie
nce, not to mention the quality of staff and unmatched customer service with a p
ersonal touch. FPS GOLD provides the best banking software and services at the m
ost competitive price. For more information, visit http://www.fps-gold.com or co
ntact Matt DeVisser at (801) 429-2126 or via email atmattd@fps-gold.com or Micha
el Parkin at (801) 429-2330 or via email michaelp@fps-gold.com.
© 2011 Verafin Inc. All rights reserved.
Press Contact:
For FPS GOLD:
Brent C Shuldberg
FPS GOLD
(801) 429-2159
brents@fps-gold.com
Press & Media Contact:
Vicki Barbour
Verafin Inc.
570 Newfoundland Drive
St. John's, NL A1A 5B1 - Canada
(709) 752.3050 x3228
vicki.barbour@verafin.com
http://www.verafin.com