Salv, a regtech, has partnered with Veriff, a global identity verification provider, to strengthen the fight against financial crime.
Salv’s clients will be able to utilise Veriff’’s suite of identity verification solutions.
Similarly, Veriff customers will have access to Salv’s modular crime-fighting platform and its network, Bridge.
Bridge enables cross-border collaboration between financial institutions, to exchange intelligence in real-time.
Finacial crime is a growing concern, especially in Europe. According to UK Finance, financial crime losses reached £609.8m in the UK alone during H1 of 2022.
With its platform, Salv claim 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 APP fraud, and the percentage of money successfully reclaimed increased.
Taavi Tamkivi, chief executive officer 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.”
Indrek Heinloo, chief operating officer 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.”
Learn more: RegTech Salv’s co-founder on fighting financial crime