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Veriff partners with RegTech Salv to stop financial crime   

By Gloria Methri

March 28, 2023

  • AML
  • APP Fraud
  • Compliance

Salv, RegTech, Financial Crime, Veriff, Identity Verification, KYC Platform, Compliance, Money Laundering, Sanctions Screening, APP Fraud, AML, Risk Assessment, EstoniaRegTech company Salv has partnered with global identity verification provider Veriff to strengthen the fight against financial crime. Salv’s modular crime-fighting platform will provide Veriff’s customers with a comprehensive compliance toolset and access to the real-time financial crime-fighting network, Salv Bridge. Similarly, Salv’s clients will have seamless access to Veriff’s growing suite of identity verification (IDV) solutions.

By facilitating adaptation to emerging threats and fostering critical information sharing, Salv’s collaborative crime-fighting platform is an effective solution against international fincrime networks. The platform has a proven track record in tackling money laundering, sanctions screening, and authorised push payment (APP) fraud, where fraudsters trick consumers or businesses into transferring funds to fake accounts.

Taavi Tamkivi, CEO and co-founder of Salv, said, “Our mission is to stop financial crime, and for this to happen, companies need to match the level of coordination and cooperation that is seen amongst international criminal gangs. This collaboration shouldn’t be limited to financial institutions – to really make a difference, companies across the ecosystem need to work together.

This partnership boosts fraud detection capabilities and enhances customer experience. Salv’s Bridge tool enables cross-border collaboration, allowing financial institutions to exchange intelligence in real time. This means that investigations are solved 100 times faster, with most urgent cases solved within minutes compared to the previous 48-72 hours.

Indrek Heinloo, COO of Veriff, commented, “Veriff is committed to protecting our customers with the technologies and capabilities they need to keep their identities safe from fraud. By partnering with Salv, we enhance our full suite of fraud prevention capabilities even further to deliver an unparalleled experience for our customers.

Salv platform offers a full suite of products that help financial institutions and businesses meet their AML screening, monitoring, and customer risk assessment needs. More than 50 financial institutions across 13 countries already use various products through Salv’s platform, which uses advanced analytics, flexible monitoring tools, and real-time collaboration to spot and prioritise suspicious activity.

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