You have printed or saved this information from, the website for the Newfoundland and Labrador Association of Technology Industries.



verafin570 Newfoundland Drive

St. John's, NL

A1A 5B1



About Verafin

Verafin started as an idea that propagated in the Genesis Centre in St. John's, NL. Having grown there, Verafin is now a North American leader in fraud detection and anti-money laundering solutions for financial institutions, with nearly 800 customers that span 65 core processing systems and a broad asset range. Employing 114 people with offices in both St. John's NL and Birmingham AL, Verafin helps financial institutions fight against fraud and money laundering, and comply with financial reporting regulations. Verafin is the exclusive provider of fraud detection and BSA/AML software for the California Bankers Association, Massachusetts Bankers Association, CUNA Strategic Services and 40 credit union leagues and associations in the United States.

Always a Step Ahead - some notable accomplishments

After capturing a majority share of the Canadian credit union market for advanced fraud detection and anti-money laundering (AML) software, Verafin expanded its business into the United States, partnering with Credit Union National Association (CUNA), California Bankers Association (CBA), Massachusetts Bankers Associations (MBA) and 40 credit union leagues and associations across the country.

In 2010, Verafin was the recipient of Gonzo Banker's, an "alter ego" of Cornerstone Advisors, "Big Mo(mentum)" award. "The entrepreneurial group of Newfoundlanders is simply tearing up the fraud and AML market. Kudos to a 2003 start-up that's showing the big boys how to develop new cool stuff."

In 2011, Verafin ranked as one of the fastest growing technology companies in North America on Deloitte's 2011 Technology Fast 500™ and one of the fastest growing technology companies in Canada in the Deloitte Technology Fast 50™.

In December of 2011, Verafin won three major awards at the St. John's Board of Trade 19th Annual Business Excellence Awards. The awards were for growth in domestic and export markets, innovation, and the Business Excellence Award (considered as the St. John's business community's equivalent of the Academy Awards' Best Picture Oscar).

Now nearing 800 customers while maintaining a 99.8% customer retention rate, Verafin experienced a 51.5% bookings growth in 2010 and is projecting even greater growth in 2011.

How Verafin stands out from competitors

Verafin offers a progressive FRaud detection and Anti-Money Laundering (FRAML™) software platform that relies on the latest advances in artificial intelligence and bayesian belief networks to analyze financial transaction data and flag truly suspicious activity.

Many of Verafin's competitors offer legacy-type software that rely on "rules". These rules are essentially 'if… then' statements that lack the flexibility necessary to stay a step ahead of today's criminal activity.

Additionally, Verafin is sold as a complete, user-friendly platform that brings together regulatory compliance and fraud detection to provide a more enterprise-wide view for users. This provides them with a clear and complete knowledge-base from which they can make important decisions.

Many of Verafin's competitors sell their software in pieces, separating fraud detection and regulatory compliance efforts.

Verafin's niche in the advanced technology industry

In the early 2000s a Newfoundland-based investor recognized a need within the Canadian financial community for regulatory compliance reporting software. He approached a number of Engineering graduate students at Memorial University to help develop a solution. Working hand-in-hand with a Newfoundland-based financial institution, Verafin recognized the opportunity to apply artificial intelligence to the analysis to financial transactions to isolate trends and detect patterns regularly hidden from the human eye. Since that time Verafin continues to work with financial institutions to push the boundaries of financial crime detection and develop cutting-edge technology used throughout North America.