AP NEWS

United Bank Chooses Verafin

January 7, 2019

ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Jan 7, 2019--United Bank, one of the most successful regional financial services companies in the USA, has chosen to implement Verafin, the industry’s leading, cloud-based BSA/AML and fraud detection (FRAMLx) software. With a vision toward continued future growth and a dedication to providing its customers with an unmatched level of service, it was important that the selection team at United Bank find a BSA/AML and fraud detection solution able to grow with them — while providing a similar dedication to their success.

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With offices located across seven states, and the nation’s capital, United Bank has a strong record of growth and profitability. As the 51st largest banking company in the country, United is the largest independent banking franchise remaining in the nation’s capital MSA. United Bankshares stock has been publicly traded since 1987 on the NASDAQ National Market System under the quotation symbol “UBSI.”

“Our evaluation process included numerous different solutions,” says Darren Williams, Chief Risk Officer at United Bank. “Verafin’s dedication to innovation and underlying subject matter expertise was visible to us throughout every product demonstration and every conversation we had with their team. As any institution knows, particularly at our size, false alerts create incredible inefficiency and frustration for our employees and customers. Seeing how aggressively Verafin is advancing its analytical models to significantly reduce false alerts is very impressive.”

Williams continues, “We are also very aware of the constantly changing nature of financial crime. Verafin’s cross-institutional collaboration and information sharing functionality is a game-changer and something I believe our industry should be doing more of to protect both banks and their customers. Verafin’s ability to enable institutional information sharing is going to have a real impact our effectiveness in fighting financial crime.”

Verafin’s FRAMLx solution is a cloud-based, enterprise BSA/AML and fraud detection platform that utilizes the latest advances in artificial intelligence (AI) and machine learning to present financial crime investigators with highly-targeted multi-channel AML and fraud alerts. Robust case management functionality, automated regulatory reporting, and innovative 314(b) information sharing tools all work together to make Verafin the choice of more than 1700 FIs across North America.

“We are very happy to have the opportunity to work with the team at United Bank,” says Brendan Brothers, Verafin Co-founder. “Our customers’ success is central to our approach. Every relationship is an opportunity for us to continue to enhance and deliver the industry’s leading solution. We are dedicated to building a successful partnership with Darren and his team at United Bank — together, we will have a real impact on the fight to prevent financial crime.”

About United Bank United Bank, which comprises 140 full-service banking offices and 21 George Mason Mortgage, LLC locations, is located throughout Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania and Washington, D.C. It is a subsidiary of United Bankshares, Inc. (NASDAQ: UBSI), a $19.2 billion regional financial services company. For more information, visit BankWithUnited.com.

About Verafin Verafin is the industry leader in financial crime management, providing a cloud-based cross-institutional FRAMLx software platform for Fraud Detection, Anti-Money Laundering and High-Risk Customer Management, with a customer base of 1700 financial institutions across North America. Powered by cloud technology, Verafin significantly reduces false positive alerts, offers advanced data visualization, and enables collaborative investigations to help customers stay a step ahead of crime, as well as the BSA/AML compliance landscape. Verafin is the exclusive provider for the Texas Bankers Association, Western Bankers Association, Florida Bankers Association, Illinois Bankers Association, Massachusetts Bankers Association, and CUNA Strategic Services. It is a preferred service provider of Independent Community Bankers of America and has industry endorsements in 47 U.S. states. For information, visit  www.verafin.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190107005106/en/

CONTACT: Erin O’Brien

erin.obrien@verafin.com

1-877-368-9986

KEYWORD: NORTH AMERICA CANADA

INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE SECURITY

SOURCE: Verafin

Copyright Business Wire 2019.

PUB: 01/07/2019 08:00 AM/DISC: 01/07/2019 08:01 AM

http://www.businesswire.com/news/home/20190107005106/en

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