Sells banks and credit unions, mostly in North America, a cloud subscription platform for fraud detection, BSA/AML compliance, sanctions screening and investigations built on consortium data from its customer base, and since 2025 a set of AI agents that triage alerts.
What is Verafin, and which banks use it?
Nasdaq Verafin is a cloud fraud and anti-money-laundering platform, founded in 2003 in St. John's, Newfoundland, and owned by Nasdaq since a $2.75 billion acquisition closed in February 2021. Verafin says more than 2,800 financial institutions use it. Among our 100 banks, FNBO runs its AML software and AI agents, Pinnacle uses its check-fraud solution, and Busey's 10-K names it for fraud detection. Pricing is not published; Nasdaq sells it as a SaaS subscription.
Category
Founded
2003
Headquarters
St. John's, Newfoundland and Labrador, Canada
Ownership
Owned by Nasdaq, Inc. (NASDAQ: NDAQ), which agreed to buy Verafin for about $2.75 billion in cash on November 19, 2020 and completed the acquisition on February 11, 2021; Nasdaq reports it as the Financial Crime Management Technology business in its Financial Technology segment.[3][1][4]
Deployment
SaaS (cloud subscription); Agentic AI Workforce also offered as an overlay on third-party systems
Pricing
Annual SaaS subscription to Verafin's cloud platform, plus professional services; sold through a demo and quote process · not published
Banks among the 120
8
- Nasdaq completed its acquisition of Verafin on February 11, 2021 for about $2.75 billion in cash; Verafin had been founded in 2003 in St. John's and served more than 2,000 North American financial institutions when the deal was announced.
- Nasdaq reported Financial Crime Management Technology revenue, which includes Verafin, of $331 million in 2025, up 21.5% from $273 million in 2024, and annualized recurring revenue of $375 million at the end of September 2026, up from $316 million a year earlier.
- Verafin says more than 2,800 financial institutions with $13 trillion in combined assets use it (September 2026, vendor-reported); Nasdaq's 2025 10-K puts it at more than 2,750 North American institutions, including global systemically important banks.
- The move up-market came after the acquisition: Nasdaq said Verafin signed its first global Tier 1 bank in April 2023, signed 9 enterprise deals in 2025 and 12 in the first nine months of 2026, alongside 45 new small and mid-sized bank clients in the third quarter of 2026.
- Its Agentic AI Workforce, announced in July 2025, began with sanctions-screening and enhanced-due-diligence agents; Nasdaq said more than 850 clients used it by October 2026, after the AML and fraud analyst agents became generally available.
- Verafin's own case studies name Pinnacle Financial Partners (check fraud, 2025), United Bank of Fairfax, Virginia (wire fraud) and United Community Bank (fraud, 2019), plus HTLF Bank as an Entity Research Copilot user (2024).
- Pricing is not published; verafin.com routes buyers to a demo request, and Nasdaq describes the business as subscription SaaS revenue.
What does Verafin sell to banks?
| Product | What it does | Status |
|---|---|---|
| Fraud Detection and Management[8][4][16] | Machine-learning detection for check, wire, ACH, card, deposit, loan and instant-payment fraud and online account takeover, with alerts scored against consortium counterparty data and worked in Verafin's case management. | Generally available |
| BSA/AML Compliance and Management (with Targeted Typology Analytics)[4] | AML/CFT transaction monitoring, CTR and SAR filing support and typology analytics that Nasdaq says combine behavioral, transactional, third-party and consortium data to target crimes such as human and drug trafficking. | Generally available |
| Sanctions Screening and Management; High-Risk Customer Management[4][11] | Sanctions and watch-list screening plus customer due diligence and enhanced due diligence for high-risk customers. | Generally available |
| Entity Research Copilot[10][19][8] | A generative-AI assistant, powered by Amazon Web Services, that automates entity research, negative-news searches and counterparty analysis inside investigations; added to Verafin's case management module in the second quarter of 2025, and Verafin says more than 1,300 clients use its copilot features. | Generally available |
| Agentic AI Workforce: Sanctions and EDD Analysts[10][6] | AI agents that disposition and document false-positive sanctions alerts and automate periodic enhanced-due-diligence reviews, escalating true matches to investigators; announced in beta in July 2025, with the Digital Sanctions Analyst rolled out to all existing clients in October 2025. | Generally available |
| Agentic AI Workforce: AML and Fraud Analysts[11][7][9] | Role-based agents that triage AML alerts (starting with cash structuring) and fraud alerts (starting with unusual ACH activity); announced June 10, 2026 and generally available by the third quarter of 2026, with optional auto-dispositioning and a platform-agnostic overlay for third-party systems. | Generally available |
How much does Verafin cost?
How it is charged: Annual SaaS subscription to Verafin's cloud platform, plus professional services; sold through a demo and quote process.
Verafin does not publish a price list.
Pricing is not published; verafin.com has no pricing page and routes buyers to a demo request. Nasdaq's 2025 10-K says the business mainly earns SaaS subscription revenue under agreements that give customers access to its cloud platform, but discloses no per-customer prices.
Which banks use Verafin?
| Bank | What | Status |
|---|---|---|
| First National Bank of Omaha (FNBO) | Anti-money-laundering and fraud analysis software, plus Verafin's enhanced-due-diligence and sanctions-screening AI agents, which FNBO executives said cut investigator time per case by 50%.[22] | In production |
| Pinnacle Financial Partners | Check-fraud detection; Verafin says Pinnacle cut false-positive alerts by 30% and raised prevented losses by 25% in the first month (vendor-reported), with plans to extend to deposit, wire, ACH, card fraud and AML.[16] | In production |
| First Busey Corporation | Fraud detection: Busey's FY2024 10-K names Verafin as an example of the AI-powered tools that add layers of fraud detection.[23] | In production |
| United Bankshares | Wire-fraud detection with real-time analytics and payee risk analysis, per a Verafin case study on United Bank (Fairfax, Virginia) first published in 2021.[17] | In production |
| United Community Banks | Financial Crime Management platform for fraud; Verafin's 2019 case study says it helped the bank prevent more than $1 million in fraud losses within seven weeks of going live (vendor-reported).[18] | In production |
| OceanFirst Financial Corp. | AML investigations: OceanFirst investigators copy data from Verafin, alongside its Fiserv core, into Microsoft Copilot to assess high-risk customers in enhanced-due-diligence reviews.[24] | In production |
| ConnectOne Bancorp | Existing vendor: CEO Frank Sorrentino named Verafin among the vendors ConnectOne works with that are adding AI to their platforms; the bank has not said which Verafin products it uses.[25] | In production |
| First Interstate BancSystem | BSA/AML and fraud detection (Verafin's FRAMLx software), chosen in 2017 after an evaluation of several vendors, per Verafin's announcement.[20] | Selected |
Among the 120 largest US banks on this site, from sources that name the bank: the bank, Verafin or the press. Status is the furthest stage a source confirms.
What is Nasdaq Verafin Financial Crime Management platform?
A cloud platform covering fraud detection and management (check, wire, ACH, card, deposit and online account takeover), AML/CFT transaction monitoring, high-risk customer management, sanctions screening, 314(b) information sharing and case management, drawing on consortium data across its customer base; a generative-AI Entity Research Copilot and the Agentic AI Workforce of alert-triage agents sit on top.[4][8][9]
What has Verafin done, and when?
- Oct 22, 2026
AI agents reach 850 clients[7]
Nasdaq said the Agentic AML and Fraud Analysts were generally available, more than 850 clients used the Agentic AI Workforce, and Verafin signed 3 enterprise deals and 45 small and mid-sized banks in the quarter.
- Sep 3, 2026
Partnership with Alloy[15]
Verafin joined Alloy's partner network so shared customers can check entities against its consortium data on more than 850 million counterparties at onboarding, with Alloy alerts feeding Verafin's case management.
- Jun 24, 2026
FNBO reports 50% faster investigations[22]
First National Bank of Omaha told American Banker that Verafin's EDD and sanctions agents had cut investigator time per case by 50%, with humans keeping the final decision.
- Jun 10, 2026
AML and Fraud Analyst agents announced[11]
Verafin announced the Agentic AML Analyst and Agentic Fraud Analyst, alert auto-dispositioning and an overlay for third-party systems, saying more than 650 institutions had adopted its agents.
- Mar 11, 2026
2026 Global Financial Crime Report[13]
Verafin's second annual report estimated $4.4 trillion in illicit funds flowed through the financial system in 2025 and $579.4 billion in fraud and scam losses, based on its own modeling and a survey of more than 500 professionals.
- Oct 21, 2025
Sanctions agent rolled out; another Tier 1 bank[6]
Nasdaq said the Digital Sanctions Analyst had launched to all existing Verafin clients, that Verafin signed an enterprise Tier 1 bank and 55 small and mid-sized banks in the quarter, and that its 6 enterprise signings in nine months were three times the 2024 total.
- Sep 3, 2025
Strategic partnership with BioCatch[12]
Verafin and BioCatch agreed to integrate BioCatch's behavioral and device-intelligence alerts into Verafin's fraud platform, with co-developed fraud products to follow.
- Jul 21, 2025
Agentic AI Workforce announced[10]
Verafin announced AI agents for sanctions screening and enhanced due diligence, then in beta, saying early results showed the sanctions agent cut alert review workload by more than 80% (vendor-reported).
- Apr 19, 2023
First global Tier 1 bank signed[5]
Nasdaq said Verafin had signed its first global Tier 1 bank in April 2023, for its fraud SaaS solution covering wires, ACH and checks, plus another Tier 2 client; the bank was not named.
- Feb 11, 2021
- Nov 19, 2020
Nasdaq agrees to buy Verafin for $2.75 billion[1]
Nasdaq agreed to acquire Verafin for $2.75 billion in cash, saying it would use its relationships with Tier 1 and Tier 2 banks to take Verafin beyond its base of more than 2,000 North American institutions.
- Sep 25, 2019
C$515 million equity and debt recapitalization[21]
Spectrum Equity and Information Venture Partners led new equity, with Northleaf, BDC Capital and Teralys joining and Wells Fargo Capital Finance leading the debt; Verafin said it reached C$100 million in annual recurring revenue in the first quarter of 2019 and that founders, management and employees became the largest shareholding group.
- Apr 4, 2017
Chosen by First Interstate Bank[20]
Verafin said First Interstate Bank, then a $9.1 billion bank in Montana, Wyoming and South Dakota, had chosen its FRAMLx BSA/AML and fraud software; Verafin served more than 1,500 institutions at the time.
- Jan 1, 2003
Verafin founded in St. John's[1]
Verafin was founded in 2003 and based in St. John's, Newfoundland and Labrador, building cloud software to detect, investigate and report money laundering and financial fraud.
What do banks use Verafin for?
| Use | What it does | Status | Use case |
|---|---|---|---|
| BSA/AML monitoring, sanctions screening and EDD[4][22] | Transaction monitoring, sanctions screening, high-risk customer management and SAR/CTR workflow for banks' BSA/AML programmes. | In production | AML / KYC |
| Check, wire, ACH and card fraud detection[16][17][8] | Machine-learning fraud detection scored against consortium counterparty data, used by banks such as Pinnacle for check fraud and United Bank for wire fraud. | In production | Fraud detection |
| AI agents for alert triage[11][7][22] | Agents that research, document and disposition sanctions, EDD, AML-structuring and ACH-fraud alerts, with auto-dispositioning optional and humans keeping escalated decisions. | In production | Generative & agentic AI |
| Entity Research Copilot[19][10] | Generative-AI research and negative-news searches on customers and counterparties inside investigations. | In production | Generative & agentic AI |
| Overlay and partner integrations[11][12][15][14] | Agents offered as an overlay on other vendors' AML systems, and integrations that bring BioCatch, Alloy and Q6 Cyber signals into Verafin's platform. | Rolling out | Third-party & vendor AI |
What has Verafin disclosed in numbers?
| Metric | Value | As of |
|---|---|---|
| Acquisition price paid by Nasdaq | About $2.75 billion in cash[3] | Feb 11, 2021 |
| Financial Crime Management Technology revenue (Nasdaq-reported, includes Verafin) | $331 million in 2025, up 21.5% from $273 million in 2024 ($223 million in 2023)[4] | Dec 31, 2025 |
| Financial Crime Management Technology annualized recurring revenue | $375 million, up from $316 million a year earlier; third-quarter revenue $103 million, up 23%[7] | Sep 30, 2026 |
| Institutions using Verafin (vendor-reported) | More than 2,800 financial institutions with $13 trillion in combined assets[15] | Sep 3, 2026 |
| Clients using the Agentic AI Workforce (Nasdaq-reported) | More than 850[7] | Sep 30, 2026 |
| Agentic AI results (vendor-reported) | Up to 90% less sanctions alert review workload; up to 50% less time on enhanced-due-diligence reviews[11] | Jun 10, 2026 |
| Enterprise client signings (Nasdaq-reported) | 12 in the first nine months of 2026, against 9 in all of 2025[7] | Sep 30, 2026 |
“With more than 650 financial institutions already leveraging our agentic AI solutions, Nasdaq Verafin has proven that the industry is ready to take advantage of the transformational power of AI.”[11]
Stephanie Champion · Executive Vice President and Head of Nasdaq Verafin · Jun 10, 2026
“We could try our best to use templates, but if you take 100 investigators or analysts, and you send them off each to do 100 enhanced due diligence reviews, you're going to have variability in how they document information.”[22]
David Dawson · BSA/AML Officer, First National Bank of Omaha · Jun 24, 2026
“That’s added confidence for our clients and a reputational enhancement for our institution.”[16]
Kim Norton · Fraud Manager, Pinnacle Financial Partners · Jul 16, 2025
Who runs Verafin?
Which rules apply to a bank using Verafin?
| Authority | Why it matters here | Documents |
|---|---|---|
| FinCEN | Verafin runs the transaction monitoring, sanctions screening and SAR/CTR workflow a bank uses to meet its Bank Secrecy Act obligations, and its AI agents now draft and close alerts; FinCEN's 2018 innovation statement lets banks adopt such tools, but the filing obligations stay with the bank, and Verafin's fraud products target the deepfake and scam typologies FinCEN's 2024 alert describes. | 2018 Joint Statement on BSA/AML Innovation FIN-2024-Alert004 (Deepfake Media) |
| OCC | A bank outsourcing AML and fraud detection to Verafin's cloud takes on third-party risk that OCC Bulletin 2023-17 expects it to manage, and the agents' option to auto-disposition alerts makes them vendor models whose validation OCC Bulletin 2026-13 addresses. | OCC Bulletin 2023-17 OCC Bulletin 2026-13 |
| Federal Reserve | Verafin's machine-learning fraud and AML detection models fall under SR 26-2's model risk expectations for a bank that relies on them, while its generative copilot and agentic workers fall to the bank's broader risk management, since SR 26-2 leaves generative and agentic AI outside its scope. | SR 26-2 |
Linked authorities have a page in the Regulation tracker; the others are named for completeness.
What should a bank note before buying Verafin?
Analysis by BankingNewsAI from the sources cited on this page. Observations, not advice or a recommendation.
01
Pricing is not published
Verafin sells subscriptions after a demo; Nasdaq reports only aggregate revenue and ARR for the business, so cost comparisons depend on quotes.
02
Agent results are vendor-reported
The 90% sanctions workload and 50% EDD time reductions are Verafin's 'up to' figures from initial customers; FNBO's 50% figure comes from the bank's executives, not an independent review.
03
Its base is community and regional banks
Most of Verafin's more than 2,800 clients are small and mid-sized US and Canadian institutions; Nasdaq has disclosed Tier 1 bank wins since 2023 without naming the banks.
04
Several named bank cases are old
The United Community Bank (2019), United Bank (2021) and First Interstate (2017) references come from Verafin case studies and releases of those years; no later confirmation from those banks was found.
05
Customer counts are not like-for-like
Verafin said nearly 3,000 banks and credit unions used it in September 2019, Nasdaq said more than 2,000 North American institutions at the November 2020 deal, and Verafin says more than 2,800 in 2026; the releases do not define the count the same way.
06
Owned by an exchange operator
Verafin is a unit of Nasdaq, Inc., so its financial disclosures sit inside Nasdaq's filings as Financial Crime Management Technology rather than as stand-alone accounts.
What are the alternatives to Verafin?
NICE Actimize
Fraud, AML, sanctions screening, KYC, case management and trade surveillance software for banks, on X-Sight and Xceed platforms.
Quantexa
Decision Intelligence platform: entity resolution and network analytics for AML, KYC and fraud; Cloud AML SaaS for US mid-size banks.
Hawk
AML transaction monitoring, sanctions and customer screening, fraud prevention and AI investigation agents for banks and payment firms.
ComplyAdvantage
AML screening, monitoring and payment screening on its own risk data (sanctions, PEPs, adverse media), with AI agents for alert review.
SymphonyAI
Financial-crime software for banks: AML transaction monitoring, sanctions screening, KYC, payment fraud and AI investigation agents.
Palantir (Foundry and AIP)
Data and AI platforms (Foundry, AIP) that banks configure for onboarding, KYC, customer data and anti-financial-crime work.
How much does Nasdaq Verafin cost?
Nasdaq Verafin does not publish pricing. Its website has no pricing page and directs banks and credit unions to request a demo. Nasdaq's 2025 annual report says the business mainly earns SaaS subscription revenue under agreements that give customers access to its cloud platform, plus professional services, but it discloses only aggregate figures: $331 million of Financial Crime Management Technology revenue in 2025.
Which banks use Verafin?
Among the 100 banks we track, First National Bank of Omaha uses Verafin's AML software and AI agents, Pinnacle Financial Partners uses its check-fraud solution, and First Busey's 2024 10-K names it for fraud detection. Verafin case studies also name United Bank (United Bankshares) and United Community Bank, OceanFirst investigators pull Verafin data into AML reviews, ConnectOne's CEO lists it as a vendor, and First Interstate chose it in 2017.
Who owns Verafin?
Nasdaq, Inc., the exchange and financial technology company listed as NDAQ, owns Verafin. Nasdaq agreed to buy it for about $2.75 billion in cash in November 2020 and completed the acquisition on February 11, 2021. Verafin still operates from St. John's, Newfoundland and Labrador, and Nasdaq reports it within the Financial Crime Management Technology business of its Financial Technology segment.
Is Verafin a bank or a regulated financial institution?
No. Verafin is a software business owned by Nasdaq that sells fraud, anti-money-laundering and sanctions tools to banks and credit unions. The institutions that use it stay responsible for their Bank Secrecy Act filings and sanctions compliance, and they oversee Verafin as a third-party vendor under their regulators' third-party and model risk guidance.
What is Verafin's Agentic AI Workforce?
It is a set of AI agents that do first-level alert work: the Sanctions Analyst dispositions false-positive sanctions alerts, the EDD Analyst automates periodic enhanced-due-diligence reviews, and the AML and Fraud Analysts, generally available in the third quarter of 2026, triage cash-structuring and unusual ACH alerts. Nasdaq said more than 850 clients used them by the end of September 2026.
How does Verafin differ from NICE Actimize?
Both sell bank fraud and AML monitoring. Verafin is a cloud-only platform whose detection draws on consortium data pooled across its more than 2,800 mostly North American customers, and it has been moving from community and regional banks into Tier 1 banks since 2023. NICE Actimize has a longer record with large global banks; compare them on deployment model, data sharing and validation evidence rather than on vendor claims.
- Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight Against Financial Crime
- Nasdaq Completes Acquisition of Verafin
- Nasdaq, Inc. Form 8-K: completion of the acquisition of Verafin Holdings Inc.
- Nasdaq, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- Nasdaq Reports First Quarter 2023 Results (earnings press release)
- Nasdaq Reports Third Quarter 2025 Results; Surpassing $1 Billion in Solutions Quarterly Revenue and $3 Billion in ARR
- Nasdaq Reports Third Quarter 2026 Results (Exhibit 99.1)
- AI Leaders in Financial Crime Prevention
- Agentic AI Workforce
- Nasdaq Verafin Announces Launch of its Agentic AI Workforce, Delivering a Step Change in AML Compliance Efficiency
- Nasdaq Verafin Announces Expansion of its Agentic AI Workforce, Transforming How Financial Institutions Fight Financial Crime
- Nasdaq Verafin and BioCatch Form Strategic Partnership to Accelerate the Global Fight Against Financial Crime
- Nasdaq Verafin Report Finds the Financial Crime Epidemic Reaching Alarming New Heights as Illicit Financial Activity Surges to $4.4 Trillion in 2025
- Nasdaq Verafin Partners with Q6 Cyber, Bringing Unique Intelligence Together for Proactive Fraud Prevention to Support Financial Institutions
- Nasdaq Verafin and Alloy Partner to Help Financial Institutions Mitigate Fraud Risk Across the Customer Lifecycle
- One Month, 30% False Positive Reduction: Pinnacle Bank Beats Check Fraud Metric After Metric
- Combating Fraud in Real-Time (United Bank case study)
- United Community Bank prepares for tomorrow and prevents more than $1M in fraud losses, today.
- HTLF Bank Investigates Entities in Seconds with Entity Research Copilot
- Verafin Chosen by First Interstate Bank to Help Prevent Financial Crime
- Verafin Completes C$515 Million Equity and Debt Recapitalization; Continues Partnership with Spectrum Equity and Information Venture Partners
- How FNBO uses agentic AI to investigate financial crime
- First Busey Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2024
- How OceanFirst uses AI to investigate crime, analyze bonds
- Earnings call transcript: ConnectOne Bancorp Q1 2026 EPS Misses, Revenue Beats
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