Salv’s real-time platform for fighting financial crime enables productive collaboration and improves the exchange of information
Financially developed countries are susceptible to the rise of financial crime, especially automated push payment (APP) fraud, as seen in the UK alone, where victims lost half a billion pounds to this crime last year. Amid this grave reality, financial institutions that face the challenge of preventing such fraudulent activities aren’t only embroiled in a reputational risk – they are also being held financially liable for reimbursing the victims, hence increasing their costs.
A deep dive reveals that the collaboration gap between fintech and banks is at the core of this issue. This enables criminals to exploit the divide and leverage multiple institutions, including crypto spaces to their advantage. This is where Salv comes through. It seeks to address this problem by resolving the gaps and ensuring a more secure financial ecosystem. ”We provide the necessary tools for efficient monitoring and analysis to empower financial institutions to keep up with the complexities of the modern financial ecosystem to stay ahead in the fight against financial crime,” shares Taavi Tamkivi, Founder and CEO of Salv.
“Our unique offering allows human operators to control the checks, enabling them to process intricate payment structures and complex KYC information accompanying the evolving landscape of financial technologies. Flexibility, speed, and configurability are our core strengths, setting us apart in the market,”
Taavi Tamkivi, Founder and CEO of Salv.
Building a fincrime community powered by real-time data
Rapid information exchange among network members and financial institutions stands at the heart of a robust fight against financial crime. While money moves within these networks, critical information about potential criminal activity often remains isolated. Salv addresses this obstacle by creating an environment that facilitates real-time information exchange between fraud teams across multiple financial institutions.
Recommended: Explore the Future of Finance at Nordic Fintech Week
It advances three core pillars for successful Fin-crime fighting- “Firstly, we believe in fostering a community that brings together crime-fighting professionals within and across organizations, establishing trust, and encouraging collaboration. Secondly, establishing agreed-upon standards for data formats, legal frameworks, data controllers, privacy requirements, and more. These standards allow different public and private institutions to communicate with each other effectively. Thirdly, developing user-friendly software enables manual and automated encrypted message exchange. This software allows individuals and machines to share information securely, complete with comprehensive manuals and support, “ adds Tamkivi.
Supercharging banks’ fraud reduction efforts
Salv has been actively collaborating with Nordic and Scandinavian banks for the past two years. During this time, these banks have utilized their platform and community to great effect. By exchanging information about potential criminals and how stolen funds move between banks, there has been a promising reduction in scams and frauds.
“Previously, when a bank’s anti-money laundering (AML) crime-fighting team identified a customer as a victim of fraud, they would send messages to other banks involved in the transaction, requesting a halt to funds progression. This only resulted in retrieving funds in 10% of the cases. However, after implementing our Salv Bridge messaging platform and pursuing funds through these messages, the rate of reclaiming money increased to an impressive 80%. This remarkable success has resulted in the recovery of millions of euros, potentially tens of millions,” affirms Tamkivi.
Recommended: Explore the Future of Finance at Nordic Fintech Week
It is also worth noting that banks can promptly translate this success rate into reduced costs when they become financially liable for these losses. Banks can mitigate financial burdens and protect their customers by effectively combating fraud and reclaiming funds.
New approach to compliance
Besides info-exchange platform Salv Bridge, Salv’s product portfolio offers real-time screening, monitoring, and risk assessment. Unique features include counterparty monitoring and exhaustive library of monitoring and screening rules, which can be tested in a virtual sandbox environment. “Our unique offering allows human operators to control the checks, enabling them to process intricate payment structures and complex KYC information accompanying the evolving landscape of financial technologies. Flexibility, speed, and configurability are our core strengths, setting us apart in the market,” concludes Tamkivi.
