London, 20 September 2022: Tuum, the API-first and modular core banking platform, announces a new partnership with Salv, the 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 core banking platform. Additionally, the partnership addresses the discrepancies often found between time-to-market strategy and the quality of AML compliance. By working with Salv, Tuum’s customers gain access to a fast, flexible 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 look for new ways to innovate without burning their cash runway. Today, financial institutions have access to a selection of plug-and-play banking solutions, which help to get their new products to market as quickly as possible. However, growth and streamlining product launches shouldn’t come at the cost of compliance.
With financial crime on the rise, companies don’t only need to keep their businesses compliant but also safeguard their operations from illicit activities. This partnership between the best-of-breed providers enables financial institutions to launch and scale at speed, whilst equipping them to detect and prevent a comprehensive range of AML and fraud activities.
Following months of close cooperation, this partnership is a natural progression between the two Estonian-founded companies. Tuum and Salv currently work with LHV UK as their joint customer, with LHV UK operating on Tuum’s core banking platform and using Salv for their AML requirements.
Julien Douve, Head of Alliances & Partnerships at Tuum, comments: “Two of the biggest concerns amongst our customers are compliance with AML requirements and time to market. 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.”
Taavi Tamkivi, CEO & Founder at Salv, comments: “Unfortunately, innovation in financial technology goes hand-in-hand with innovation in fincrime. 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.”
Tuum and Salv hosted a joint event in London on November 9th to discuss the opportunities of Plug and Play banking and the pitfalls to avoid. More information about the event is available here.