ST. JOHN'S, Newfoundland (3/5/15)--Verafin Inc., a CUNA Strategic Services strategic alliance provider, has unveiled FRAMLx, an enhancement to its FRaud detection and Anti-Money Laundering (FRAML) software.
Powered by exclusive Verafin cloud technology, FRAMLx delivers cross-institutional analysis to detect suspicious activity.
FRAMLx will help institutions gain more insight on customer behavior, collaborate in their investigations and more accurately detect suspicious activity. The product provides a holistic view over multiple financial institutions through information sharing provided by Section 314(b) of the USA PATRIOT Act.
Verafin collected feedback from customers and industry experts to help shape the development of FRAMLx and to ensure it offers substantial value.
"We've been testing this with focus groups and the response has been overwhelmingly positive," said Nick Janes, director of product management. "From the customers' reactions, it's obvious that this will add tremendous value--people just can't wait to start using FRAMLx."