COCC of Avon, Conn., said it has contracted with Verafin Inc. of St. John's, Newfoundland, to provide fraud detection and anti-money laundering solutions to the core processing data center's credit union and community bank clients.
The Canadian company's solutions have been integrated into COCC's .Net core processing and e-banking platforms, providing analytics and automation to detect crime and ensure compliance, the companies said.
COCC serves 167 financial institutions, including 39 credit unions, and runs a service bureau based on Open Solutions Inc.'s core processing software.
Verafin said it now serves nearly 600 financial institutions and is a provider of Bank Secrecy Act, fraud detection and AML solutions to more than 40 credit union leagues and associations and CUNA Strategic Services.
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