Verafin Recognized as Leader in Payment Risk Solutions by Chartis RiskTech Quadrant® 2023
Verafin, a global leader in anti-financial crime management solutions and a Nasdaq company, has been acknowledged as a category leader in payment risk solutions for the Chartis RiskTech Quadrant® 2023. The Chartis RiskTech Quadrant is a respected vendor analysis methodology that evaluates technology vendors based on their product, technology, and organizational capabilities.
This year, Verafin's innovative approach to payment risk, which includes advanced real-time analytics, consortium data, and cutting-edge technology, has earned the company high praise in the Chartis RiskTech Quadrant®. The report specifically commended Verafin for its comprehensive analysis across all payment types, significantly reducing false positives and enhancing fraud detection, even in high-volume, high-speed scenarios.
According to Nick Vitchev, Research Director at Chartis, Verafin's use of consortium analytics allows it to address payment risk at some of the world's largest organizations, leading to its category leader rating in overall payments and the distinct bank-to-bank and alternative categories. Rob Norris, Chief Product Officer at Verafin, highlighted the company's depth of experience and expertise in anti-financial crime technology, along with its unique consortium data approach, which enables the delivery of solutions with actionable risk insights.
The rapidly evolving payment landscape, with its increasing need for real-time processing and globally diverse participants, calls for proactive solutions. Verafin's recognition as a category leader underscores its successful strategies in response to these industry dynamics. With over 2,400 banks and credit unions leveraging its cloud-based software platform, Verafin continues to play a crucial role in helping financial institutions fight financial crime, comply with regulations, and protect their customers from fraud and financial loss.
Impact of Verafin's Recognition on New Businesses in the Payment Risk Solutions Space
Verafin's recognition as a leader in payment risk solutions by the Chartis RiskTech Quadrant® 2023 signals a significant development in the financial technology industry. This recognition underscores the importance of innovative approaches, such as advanced real-time analytics, consortium data, and cutting-edge technology, in addressing payment risk.
Setting the Benchmark
For new businesses entering the payment risk solutions space, Verafin's achievement sets a high benchmark. The company's comprehensive analysis across all payment types, its ability to reduce false positives, and enhance fraud detection in high-volume scenarios are aspects that new businesses should aspire to emulate.
Adapting to the Evolving Payment Landscape
The rapidly evolving payment landscape, characterized by the need for real-time processing and globally diverse participants, calls for proactive and innovative solutions. Verafin's success story highlights the importance of staying ahead of industry dynamics and developing strategies that effectively address these changes.
In conclusion, Verafin's recognition offers valuable insights for new businesses in the payment risk solutions space. It underscores the importance of innovation, comprehensive risk analysis, and adaptability in achieving success and making a significant impact in the industry.
.svg)
