Tuum forges AML partnership with Salv
Core banking platform Tuum has partnered with Salv, a regtech company founded by Wise and Skype employees to combat financial crime.
The partnership enables Tuum to add anti-money laundering (AML) capabilities to its platform.
Additionally, the partnership aims to address the discrepancies found between time-to-market strategy and the quality of AML compliance.
Salv provides access to a fast and transparent AML platform with advanced monitoring, screening and risk-scoring solutions.
As the economic outlook worsens and the funding landscape becomes more challenging, financial companies are looking for new ways to innovate without eroding their cashflow.
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With financial crime on the rise, companies do not only need to keep their businesses compliant but also safeguard their operations from illicit activities.
This partnership hopes to enable financial institutions to launch and scale at speed, while equipping them to detect and prevent a comprehensive range of AML and fraud activities.
Following months of cooperation, the two Estonia-founded companies say the partnership is a natural progression.
Tuum and Salv currently work with Estonian banking and financial services company LHV UK as their joint customer, with LHV UK operating on Tuum’s core banking platform and using Salv for its AML requirements.
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“Two of the biggest concerns amongst our customers are compliance with AML requirements and time to market,” Julien Douve, head of alliances and partnerships at Tuum, said.
“By partnering with Salv, we address both of these 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.”
“Unfortunately, innovation in financial technology goes hand-in-hand with innovation in fincrime”, Taavi Tamkivi, chief executive and founder at Salv, added.
“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.”