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Estonian startups Salv and Veriff join forces to combat financial crime

Salv, a regtech firm that specializes in collaborative crime-fighting, has partnered with identity verification provider Veriff to enhance the fight against financial crime.

Salv, a regtech company that specializes in collaborative crime-fighting, has partnered with global identity verification provider Veriff to strengthen the fight against financial crime. The partnership was announced in late March.

By providing Salv’s modular crime-fighting platform to Veriff’s customers, they now have access to a comprehensive compliance toolset and Salv Bridge, the world’s first real-time financial crime-fighting network. Similarly, Salv’s clients can access Veriff’s growing suite of identity verification solutions seamlessly.

Estonia, a land of financial security

The Salv Bridge tool facilitates cross-border collaboration, allowing financial institutions to exchange intelligence in real time. This enables investigations to be 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’s platform has a proven track record in tackling money laundering, sanctions screening, and authorized push payment (APP) fraud, where fraudsters trick consumers or businesses into transferring funds to fake accounts. Over 50 financial institutions across 13 countries use various products through Salv’s platform, and the company has recently completed a €4M round.

Veriff, one of the Estonian unicorns, is the preferred identity verification partner for digital companies in fintech, crypto, gaming, and the mobility sectors, provides advanced technology, deep insights, and expertise. The company has raised over $190M.

“By partnering with Salv, we enhance our full suite of fraud prevention capabilities even further to deliver an unparalleled experience for our customers”, said Indrek Heinloo, COO of Veriff.

According to UK Finance, financial crime losses in the UK alone reached £609.8m in 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.

The partnership between Salv and Veriff represents an important step in fostering a safer financial ecosystem for everyone and once again highlights the collaborative spirit of the Estonian tech ecosystem. Worth noticing that Estonia is also highly ranked in the ITU Global Cybersecurity Index, holding 3rd place in the world and leading the EU.

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