Tuum partners with Salv to strengthen AML compliance

By Gloria Methri

Tallinn-based start-up Tuum has joined forces with RegTech company Salv to add anti-money laundering (AML) capabilities to its core banking platform. Salv was founded by employees of Wise and Skype in 2018 to combat financial crime. It enables financial institutions to detect and prevent a comprehensive range of money laundering and fraud activities.

The partnership will enable Tuum to address discrepancies between the time-to-market strategy and the quality of AML compliance.

“Two of the biggest concerns amongst our customers are compliance with AML requirements and time to market. By partnering with Salv, we address both issues and provide our customers with a seamless experience, as Salv’s industry-leading AML solutions have proven to be a game-changer for financial institutions,” said Julien Douve, Head of Alliances and Partnerships at Tuum.

By working with Salv, Tuum’s customers will gain access to a flexible AML platform with advanced monitoring, screening, and risk-scoring solutions.

The two institutions are currently working with LHV UK as their joint customer, with LHV UK operating on Tuum’s core banking platform and using Salv for their AML requirements.

Taavi Tamkivi, CEO and Founder at Salv said, “Innovation in financial technology goes hand-in-hand with innovation in fincrime. Through this partnership, Salv can help financial companies using Tuum’s core banking solutions to keep their businesses and customers safe from financial crime, allowing them to focus on growth.”

The companies will host a joint event in London on 9 November to discuss the opportunities of Plug and Play banking and the pitfalls to avoid.