Besides the AML capabilities involved in the collaboration, the partnership also addresses the discrepancies often found between time-to-market strategy and the quality of AML compliance. By working with Salv, Tuum’s customers now gain access to a fast, flexible, and transparent AML platform with advanced monitoring, screening, and risk-scoring solutions.
With financial crime on the rise, companies don’t only need to keep their businesses compliant but also safeguard their operations from illicit activities. This partnership between the two companies enables financial institutions to launch and scale at speed, whilst equipping them to detect and prevent a comprehensive range of AML and fraud activities.
Following months of close cooperation, this partnership is a natural progression between the two Estonian-founded companies. Tuum and Salv currently work with LHV UK as their joint customer, with LHV UK operating on Tuum’s core banking platform and using Salv for their AML requirements.
Tuum’s officials said that two of the biggest concerns amongst their customers are compliance with AML requirements and time to market. By partnering with Salv, they address both of these issues and provide customers with a seamless experience, as Salv’s industry-leading AML solutions have proven to be beneficial for financial institutions.
As the economic outlook worsens and the funding landscape becomes more challenging, financial companies look for new ways to innovate without burning their cash runway. Today, financial institutions have access to a selection of plug-and-play banking solutions, which help to get their new products to market as quickly as possible. However, growth and streamlining product launches shouldn’t come at the cost of compliance.
Commenting on the partnership, representatives from Salv stated that unfortunately, innovation in financial technology goes hand-in-hand with innovation in fincrime. Through this collaboration, 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.
Salv is a regtech startup founded in 2018. Its team includes experienced AML crime fighters who bring their expertise from Skype and Wise (formerly TransferWise). Currently, Salv is helping banks and fintech companies across ten European countries meet their AML screening, monitoring, and customer risk assessment needs via two core products: AML Platform and Bridge.
Tuum is a next-generation core banking technology provider. Its API-first, cloud-agnostic, and highly configurable banking platform covers all retail and business banking processes, allowing banks, fintech startups or even non-financial companies to easily roll out customer-centric financial solutions.
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