Salv, a regtech company specialising in collaborative crime-fighting, has partnered with a global identity verification provider Veriff to strengthen the fight against financial crime.
Having Salv's modular crime-fighting platform available for Veriff’s customers gives them a comprehensive compliance toolset and access to the world's first real-time financial crime-fighting network, Salv Bridge. Similarly, Salv’s clients have seamless access to Veriff’s growing suite of identity verification (IDV) solutions.
By facilitating continuous adaptation to emerging threats and fostering critical information sharing, Salv’s collaborative crime-fighting platform is an effective solution against international financial crime 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.
According to UK Finance, financial crime losses reached £609.8m in the UK alone during H1 of 2022. Although the end of the pandemic has seen a fall in overall fraud losses, some fraud types have increased as criminals continue to adapt their methods. UK Finance has long been calling for greater cross-sector collaboration to tackle criminal activity, and the partnership between Salv and Veriff represents an important step in fostering a safer financial ecosystem for everyone.
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 - investigations are solved 100 times faster, with most urgent cases solved within minutes compared to the previous 48-72 hours. Institutions using Bridge reported that they collectively detected around 80% of the APP fraud, and the percentage of successful money reclaimed increased.
Indrek Heinloo, COO of Veriff, comments, "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.