Verafin

Verafin Suite

Composite Score

7.6 /10

CX Score

7.7 /10

14 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.

84 Likeliness to Recommend

93 Plan to Renew

83 Satisfaction of Cost Relative to Value

Product Experience

Negotiation and Contract

Conflict Resolution

Strategy & Innovation

Service Experience

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Emotional Footprint Overview

Product Experience:: 90%
Negotiation and Contract:: 81%
Conflict Resolution:: 91%
Strategy & Innovation:: 88%
Service Experience:: 83%

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.

+86 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?

7% Negative

11% Neutral

82% Positive

Pros

Respectful
Transparent
Security Protects
Caring

Feature Ratings

Average 87

Transaction Monitoring

Credit Risk Management

Policy Management

Market Risk Management

Cheque Management

Fraud Management

Asset Liability Management

Anti Money Laundering

Stress Tests

Analytics and Reporting

Regulatory Compliance and Audit

Vendor Capability Ratings

Average 83

Availability and Quality of Training

Quality of Features

Business Value Created

Product Strategy and Rate of Improvement

Ease of IT Administration

Breadth of Features

Vendor Support

Ease of Customization

Ease of Implementation

Usability and Intuitiveness

Ease of Data Integration

Verafin Suite Reviews

Mayowa O.

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

Validated Review

Verified Reviewer

Submitted Mar 2025

Fraud Shield

Likeliness to Recommend

9 /10

What differentiates Verafin Suite from other similar products?

Verafin Suite stands out from other similar products due to its advanced analytics and machine learning capabilities, which help identify complex fraud patterns and threats. The suite's real-time monitoring and alerting capabilities enable quick response to potential fraud. Verafin Suite provides a comprehensive risk management framework, covering anti-money laundering, fraud detection, and compliance. Its user-friendly interface makes it easy for users to navigate and understand complex data. Additionally, the suite can integrate with multiple data sources, providing a more complete view of customer activity.

What is your favorite aspect of this product?

My favorite aspect of Veraanfin Suite is its advanced analytics and machine learning capabilities. These capabilities enable the suite to identify complex fraud patterns and threats in real-time. This helps prevent financial crimes and protects organizations from potential losses. The advanced analytics also provide valuable insights into customer behavior and activity. Overall, the suite's advanced analytics and machine learning capabilities make it a powerful tool for fraud detection and prevention.

What do you dislike most about this product?

One thing I dislike about Verafin Suite is that it can generate false positives, which can be time-consuming to resolve and may lead to unnecessary investigations.

What recommendations would you give to someone considering this product?

If you're considering Verafin Suite, assess your organization's risk management and fraud detection needs to ensure the suite aligns with your goals. Request a product demo to understand the suite's features and user interface, and review case studies from similar organizations. Additionally, ensure you understand the support and training options provided by Verafin to get the most out of the suite

Pros

Helps Innovate
Continually Improving Product
Reliable
Performance Enhancing

Mozhgan F.

Role: Student Academic
Industry: Finance
Involvement: IT Development, Integration, and Administration

Validated Review

Verified Reviewer

Submitted Aug 2023

Easy to use, but a bit pricey

Likeliness to Recommend

10 /10

What differentiates Verafin Suite from other similar products?

many support I could get

What is your favorite aspect of this product?

easy to learn

What do you dislike most about this product?

it is a bit pricy

What recommendations would you give to someone considering this product?

try more practice

Pros

Helps Innovate
Continually Improving Product
Reliable
Performance Enhancing

Role: C-Level
Industry: Banking
Involvement: Business Leader or Manager

Validated Review

Anonymous Reviewer

Submitted Apr 2023

Good solution, bad customer support

Likeliness to Recommend

5 /10

Pros

Respectful
Includes Product Enhancements
Friendly Negotiation
Helps Innovate

Cons

Less Effective Service
Wastes Time
Less Efficient Service

Verafin Suite

What is Verafin Suite?

Company Details

Book a Free Demo Today!

Verafin Suite Ratings

84 Likeliness to Recommend

93 Plan to Renew

83 Satisfaction of Cost Relative to Value

Emotional Footprint Overview

Emotional Footprint Overview

+86 Net Emotional Footprint

How much do users love Verafin Suite?

Chart

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.

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.

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

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

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

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

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

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

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.

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

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.

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 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.

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.

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

Verafin Suite Reviews

Mayowa O.

Fraud Shield

Likeliness to Recommend

Pros

Mozhgan F.

Easy to use, but a bit pricey

Likeliness to Recommend

Pros

Good solution, bad customer support

Likeliness to Recommend

Pros

Cons

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OpenLink

Feature Ratings

Transaction Monitoring

Credit Risk Management

Policy Management

Market Risk Management

Cheque Management

Fraud Management

Asset Liability Management

Anti Money Laundering

Stress Tests

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

Ease of IT Administration

Breadth of Features

Vendor Support

Ease of Customization

Ease of Implementation

Usability and Intuitiveness

Ease of Data Integration