Fincentric Corporation and Verafin, a provider of anti-money-laundering and fraud detection solutions for financial institutions, have signed an agreement to provide Fincentric Wealthview Banking customers with automated compliance reporting capabilities in Canada.
This strategic partnership offers banks and credit unions a comprehensive new software solution that seamlessly integrates retail banking systems with anti-money laundering and fraud detection resources.
Fraud detection capabilities address growing industry concerns such as debit card and cheque fraud. Fincentric Wealthview Banking will extract and transmit information directly into Verafin software. This information includes suspicious activity identification such as large cash transaction reporting, terrorist list checking and fraudulent activity exposure.
"This is an important strategic relationship for us," said Robert Nygren, President and CEO of Fincentric. "Our core retail banking solution is already an undisputed market share leader in Canada. With this Verafin partnership, we have achieved another significant milestone that enhances Wealthview Banking. By integrating Verafin software, our system will improve efficiency in banks and credit unions and lower the costs of compliance."
Fincentric and Verafin will participate together in new product development, align development processes, like integrated quality control environments, coordinate product releases and allow each other to take advantage of new product functionality. In addition, Fincentric and Verafin will conduct joint marketing and sales initiatives for Canadian financial institutions.
"This partnership combines Fincentric’s extensive experience in implementing core retail banking systems with our expertise in providing customer intelligence solutions," said Jamie King, President, Verafin. "The combined strengths of our teams can help financial institutions achieve their strategic objectives, such as deploying state-of-the-art anti-money-laundering and fraud detection capabilities and increasing profitability across all segments of our customer-base."