Skallet and Salif announce anti-money laundering partnership

It is estimated that proceeds from crime represent 2-5% of global GDP (about US$2 trillion) yet less than 1% is confiscated or frozen by law enforcement agencies. Financial institutions and banks play a major role in combating money laundering, much of which is enforced by financial regulators, both by working with law enforcement agencies, but also by identifying, disrupting and stopping illegal activities per se.

Financial institutions, especially large-scale fintech companies, are faced with the challenge of ensuring that they comply with many regulations in various countries. This usually involves the use of multiple different methods, platforms, checks, etc., which is expensive and requires significant resources. An essential component of anti-money laundering is that institutions and banks exchange information with each other to determine which activities must be controlled. Fintech companies, as they grow, adapt, and change, need anti-money laundering tools that do the same thing, but instead, they often have to use multiple vendors with multiple solutions, all aimed at the same task.

Salve has designed anti-money laundering tools that provide financial institutions with a single, scalable and easy-to-use platform that helps them strengthen their defenses and reduce risks to their business.

Salv offers flexibility in its tools and innovates and updates in line with the growing needs of fintech companies. Their technology is designed to cover everything organizations need to comply, reduce resource burden, and allow them to focus on disrupting and stopping illegal activity.

Skaleet has built a unique, non-cloud, SaaS-based technology platform that works seamlessly with Salv, enabling it to provide its clients with an AML capability that is primarily financially compliant, but also effective.

Skaleet works with its clients to rapidly launch digital retail banking services across the globe, in keeping with the local, technological, cultural and economic environment. Their offering, through a partnership with Salv, now enables banks and financial institutions to ensure their compliance with anti-money laundering regulations and enhances their ability to detect and stop illegal activity taking place through them.

Hervé Manceron, CEO and Co-Founder of Skaleet, said: “Our partnership with Salv will expand our ability to combat money laundering and ensure that we meet our obligations. Anti-money laundering solutions will enable our clients to identify the level of risk at an early stage, filter transactions and detect suspicious behavior and transactions. The platform provides AML from Salv is a three-way solution, which is more efficient and convenient for us, and we do not need to integrate various additional solutions.”

Taavi Tamkevi, CEO and Co-Founder of Salv, said: “It is great to see new innovative solutions emerging from the core banking industry and we are really excited to be able to offer our expertise in Anti-Money Laundering and Compliance to make Core Platfoms Banking safer from financial criminals. For us, it is important to partner with experts who share our vision and ambition to help financial institutions across Europe strengthen their defenses against money laundering and financial crime. Skaleet has been the perfect partner for us.”

Skaleet and Salv Gallery at Money 20/20, 07-09 June 2022, Amsterdam, Netherlands. The respective carrier numbers are E113 and D210.

Editor’s Notes:

Skaleet is an international financial technology company that provides the next generation of a scalable and flexible Core Banking Platform (CBP) with an advanced degree of customization. This platform allows financial institutions (retail banks, digital banks, payment institutions, etc.) to better meet the expectations of their customers by offering them ever-evolving digital financial solutions. Skaleet’s core banking platform has already been implemented in over 34 financial institutions and Skaleet manages over 8 million bank accounts worldwide. Its main clients include Société Générale, eZyness (a subsidiary of La Banque Postale), and Trust Merchant Bank. Since its inception, the fintech company has raised €28.5 million from Société Générale and Long Arc Capital, reflecting its ambitions for international expansion.

Salv is an Estonia-based Regtech startup founded in 2018. Salv provides technology solutions to combat financial crime and money laundering. Its core team includes anti-financial crime professionals who bring their expertise from Skype and Wise (formerly TransferWise). Currently, the team helps banks and financial companies in ten European countries meet their anti-money laundering risk screening, control and assessment needs through two major products: AML Platform and AML Bridge. Salv provides its clients with the best crime-fighting tools in the industry and takes compliance to the next level.

Leave a Comment