Global identity verification provider Veriff has partnered with RegTech firm Salv to strengthen the fight against financial crime.
Veriff claims having Salv’s modular crime-fighting platform available for its 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 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.
Veriff claims 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.
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.
Salv platform offers a full suite of products that help financial institutions and businesses meet their AML screening, monitoring, and customer risk assessment needs.
Veriff COO Indrek Heinloo said, “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 co-founder and CEO Taavi Tamkivi added, “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.”
Back in June 2021, Veriff launched its new AML compliance to aid companies in complying with AML regulations.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
