Financial Crime World

Estonian Powerhouses Salv and Veriff Join Forces to Combat Financial Crime

In a groundbreaking collaboration, Estonian regtech company Salv and global identity verification provider Veriff have teamed up to strengthen the fight against financial crime. The partnership was officially announced in late March.

Combating Financial Crime with Veriff and Salv

Through the integration of Salv’s modular crime-fighting platform into Veriff’s offerings, financial institutions using Veriff’s identity solutions will now have access to a comprehensive suite of compliance tools and Salv Bridge - the first real-time financial crime-fighting network in the world. Similarly, Salv’s clients can easily access Veriff’s advanced identity verification solutions.

The Power of Salv Bridge

  • Real-time Intelligence Exchange: The Salv Bridge tool fosters international cooperation, enabling real-time intelligence exchange amongst financial institutions.
  • Faster Investigations: By enabling this collaboration, investigations can be solved 100 times faster, with the most pressing cases resolved within minutes.
  • Detecting and Recovering Funds: Institutions employing Bridge reported that they were able to collectively detect around 80% of APP fraud and successfully recover an increased percentage of claimed funds.

Salv’s Proven Record in Combating Financial Crimes

Salv’s platform is utilized by over 50 financial institutions across 13 countries in combating money laundering, sanctions screening, and authorized push payment (APP) fraud. The company recently completed a €4M funding round.

Veriff: Estonia’s Favored Identity Verification Partner

  • Robust Shield Against Fraud: Veriff’s innovative technology, deep insights, and expertise provide a robust shield against fraud.
  • Sector Leadership: Veriff is the favored identity verification partner for digital companies in the fintech, crypto, gaming, and mobility sectors.
  • COO’s Excitement Over the Partnership: “We are thrilled to partner with Salv and further bolster our comprehensive fraud prevention capabilities. Together, we aim to deliver an unparalleled experience for our customers,” shares Indrek Heinloo, COO of Veriff.

Financial Crimes on the Rise in the UK

As reported by UK Finance, financial crime losses in the UK reached a staggering £609.8m in the first half of 2022. Though the pandemic’s end has brought about a decline in overall fraud losses, certain fraud types - such as APP fraud - have continued to rise.

Estonia: A Leader in Financial Security

The country’s commitment to cybersecurity is evident, with Estonia ranked third globally and leading the EU in the ITU Global Cybersecurity Index.

Explore Business Opportunities in Estonia

If you’re interested in doing business or investing in Estonia, our team of investment advisors is at your service. Simply send us a request for e-Consulting, and we’ll be in touch shortly to help you explore opportunities in this thriving ecosystem.