The announcement occurred at Harland's Connection Conference in Nashville, Tenn.
"We're seeing a demand from our clients for a complete fraud detection and anti-money laundering solution to complement our offerings," Scott Hansen, HFS executive vice president of business development, told attendees. "Verafin's reputation for technical innovation and its culture of dedicated client support is really unmatched."
Its FRAML software helps financial institution fraud detection and Bank Secrecy Act/anti-money laundering compliance professionals to quickly respond to suspicious activity.
"There are clear synergies between Verafin and Harland Financial Solutions, including a vision of delivering advanced technology solutions that help to revolutionize the financial services industry," says Andrew King, Verafin vice president of alliances. "Harland Financial Solutions' core processing solutions, combined with our FRAML software, will help financial institutions increase their efficiencies and proactively protect themselves, and their customers, from even the most advanced fraud and money laundering schemes."
Connections is Harland’s annual users conference. It brings together clients, partner companies, industry press, and consultants.
Other highlights from the conference:
►The conference was the first since Davis + Henderson Corporation (D+H) acquired Harland last month. D+H’s CEO Gerrard Schmid discussed the acquisition.
"Acquiring Harland Financial Solutions fully aligns with D+H's financial-technology vision and our objective of growing our technology capabilities to serve banks and credit unions," Schmid told attendees.
"These are two highly successful organizations with very little overlap," said Harland Financial Solutions' CEO Raju Shivdasani. "This isn't a cost-cutting move; it's designed to achieve revenue synergy."
►Adventurer Jamie Clarke, a keynote speaker, talked about reaching the summit of Mount Everest and crossing the Arabian desert.
Clarke related the importance of overcoming the fear of rejection as a major factor in the process of reaching your goals. He suggests that everyone face and conquer the internal battle of self-awareness so that they can become a supportive member of any team that faces challenges together.
Human trafficking, money laundering, trade-based money laundering and terrorist financing all come with their own sets of red flags for financial institutions. In addition, entities such as money services businesses and cash-intensive businesses can be legitimate, but also have potential to be used for illicit activities.