Verafin

Verafin Suite

Composite Score

7.5 /10

CX Score

7.6 /10

13 Reviews Write a Review

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What is Verafin Suite?

Verafin is a consolidated financial crime detection and complaince automation solution that helps financial institutions maximize their technology investments by helping to automate and strengthen BSA/AML and anti-fraud program processes.

Company Details

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Verafin Suite Ratings

Real user data aggregated to summarize the product performance and customer experience.

Product scores listed below represent current data. This may be different from data contained in reports and awards, which express data as of their publication date.

83 Likeliness to Recommend

92 Plan to Renew

81 Satisfaction of Cost Relative to Value

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Emotional Footprint Overview

Product scores listed below represent current data. This may be different from data contained in reports and awards, which express data as of their publication date.

+84 Net Emotional Footprint

The emotional sentiment held by end users of the software based on their experience with the vendor. Responses are captured on an eight-point scale.

How much do users love Verafin Suite?

8% Negative

11% Neutral

81% Positive

Pros

Respectful
Transparent
Security Protects
Caring

Feature Ratings

Average 86

Transaction Monitoring

Market Risk Management

Cheque Management

Credit Risk Management

Policy Management

Anti Money Laundering

Fraud Management

Stress Tests

Asset Liability Management

Analytics and Reporting

Regulatory Compliance and Audit

Vendor Capability Ratings

Average 82

Availability and Quality of Training

Quality of Features

Business Value Created

Product Strategy and Rate of Improvement

Breadth of Features

Ease of Implementation

Ease of IT Administration

Usability and Intuitiveness

Vendor Support

Ease of Customization

Ease of Data Integration

Verafin Suite Reviews

Chibuike O.

Role: Vendor Management
Industry: Banking
Involvement: Vendor Management and Renewal

Validated Review

Verified Reviewer

Submitted Nov 2024

Great product!

Likeliness to Recommend

10 /10

What differentiates Verafin Suite from other similar products?

Verafin Suite stands out for its focus on financial crime detection, offering advanced AI-driven tools for fraud, money laundering, and regulatory compliance in an integrated platform..

What is your favorite aspect of this product?

My favorite aspect of Verafin Suite is its powerful AI-driven capabilities that efficiently detect and prevent financial crimes in real-time..

What do you dislike most about this product?

What I dislike most about Verafin Suite is its complex user interface, which can be challenging for new users to navigate efficiently..

What recommendations would you give to someone considering this product?

I recommend dedicating time to training so your team can fully grasp the platform’s features and maximize its potential for the best results.

Pros

Helps Innovate
Continually Improving Product
Reliable
Performance Enhancing

Akalezi C.

Role: Finance
Industry: Finance
Involvement: End User of Application

Validated Review

Verified Reviewer

Submitted Aug 2024

The best in the market for AML compliance

Likeliness to Recommend

7 /10

What differentiates Verafin Suite from other similar products?

Verafin suites is a holistic solution that covers AML, BSA compliance, fraud detection.

What is your favorite aspect of this product?

The capability to automate tasks like case management, investigation and reporting

What do you dislike most about this product?

UI could be friendlier lol

What recommendations would you give to someone considering this product?

It's the best in the market for compliance

Pros

Reliable
Performance Enhancing
Enables Productivity
Unique Features

Role: Vendor Management
Industry: Banking
Involvement: Business Leader or Manager

Validated Review

Anonymous Reviewer

Submitted Mar 2024

Above average product but lacking innovation.

Likeliness to Recommend

5 /10

Pros

Respectful
Caring
Fair
Acts with Integrity

Cons

Commodity Features
Less Efficient Service
Vendor's Interest First

Verafin Suite

What is Verafin Suite?

Company Details

Book a Free Demo Today!

Verafin Suite Ratings

83 Likeliness to Recommend

92 Plan to Renew

81 Satisfaction of Cost Relative to Value

Emotional Footprint Overview

+84 Net Emotional Footprint

How much do users love Verafin Suite?

Pros

Feature Ratings Average rating of all product features, some of which may not be shown below

Transaction Monitoring Includes Know Your Customer (KYC), cash deposits and withdrawals, wire transfers, and ACH activity management.

Market Risk Management Includes equity risk, currency risk, and commodity risk.

Cheque Management Includes cheque printing, cheque tracking, cheque payment processing, and cheque verification.

Credit Risk Management Includes credit assessment, credit scoring, and credit risk analysis.

Policy Management Solution centralizes policies, standards, and procedures mapped to regulations or best-practices (PCI-DSS, ISO/IEC, HIPAA, etc.) with built-in templates.

Anti Money Laundering Includes suspicious behavior identification, currency transaction reporting, case management and customer due diligence checks.

Fraud Management Includes identity theft protection, fraud alerts, payer authentication, and fraud investigations.

Stress Tests Includes crisis simulations, scenario generation, and scenario analysis.

Asset Liability Management Includes interest rate risk, liquidity risk, and funding and capital management.

Analytics and Reporting Includes historical & real-time dashboard visualizations, detailed & summary reporting and easy data extraction for data analysis.

Regulatory Compliance and Audit Ability to adhere to laws, regulations, guidelines, and specifications relevant to the business. Ability to store documents and trails for audit access.

Vendor Capability Ratings Average rating of all vendor capabilities, some of which may not be shown below

Availability and Quality of Training Effective and readily available training enables users to get the most out of the software you've chosen. Use this section to make sure your vendor's training programs and materials measure up.

Quality of Features Feature quality is just as important as quantity. Use this data to determine if this product will do what you're purchasing it to do, easily, intuitively, reliably, and effectively.

Business Value Created Software needs to create value for employees, customers, partners, and, ultimately, shareholders. This data expresses user satisfaction - or lack thereof - with the product's business value.

Product Strategy and Rate of Improvement Vendors who don't stay on top of emerging needs and trends won't enable you to meet your business goals. Use this data to separate innovators from imposters.

Breadth of Features Users prefer feature rich software that enables them to perform diverse series of tasks. This data expresses user satisfaction with the product's breadth of features.

Ease of Implementation Successfully implementing new software is necessary to realize its full value and promote end user adoption. This data indicates whether or not the product is easy to implement.

Ease of IT Administration This data indicates whether IT personnel will be able to resolve issues and perform configurations efficiently and effectively.

Usability and Intuitiveness End user learning curves cost the organization money. Pay attention to your end users' technical ability to determine how important UX is in your purchase.

Vendor Support The importance of vendor support will vary for each organization depending on internal capabilities, but there will always be issues that only the vendor can resolve.

Ease of Customization Don't get bogged down in a difficult customization; use this data to make sure you can easily achieve the functionality you need for your particular situation.

Ease of Data Integration Use this data to determine whether the product will cause headaches or make data integration easy.

Verafin Suite Reviews

Chibuike O.

Great product!

Likeliness to Recommend

Pros

Akalezi C.

The best in the market for AML compliance

Likeliness to Recommend

Pros

Above average product but lacking innovation.

Likeliness to Recommend

Pros

Cons

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Feature Ratings

Transaction Monitoring

Market Risk Management

Cheque Management

Credit Risk Management

Policy Management

Anti Money Laundering

Fraud Management

Stress Tests

Asset Liability Management

Analytics and Reporting

Regulatory Compliance and Audit

Vendor Capability Ratings

Availability and Quality of Training

Quality of Features

Business Value Created

Product Strategy and Rate of Improvement

Breadth of Features

Ease of Implementation

Ease of IT Administration

Usability and Intuitiveness

Vendor Support

Ease of Customization

Ease of Data Integration