RegTech company Salv will deploy its AML capabilities into Tuum, an API-first and modular core banking platform.
Through the partnership, Tuum will add AML capabilities to its banking platform. By working together, customers will be able to quickly implement an AML platform with advanced monitoring, screening and risk-scoring solutions.
The two Estonian-founded companies have been closely collaborating for months. Both companies are currently working with LHV UK, which is operating on Tuum’s core banking platform and using Salv for their AML requirements.
Tuum head of alliances and partnerships Julien Douve said, “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.”
Speaking on the partnership, Salv CEO and founder Taavi Tamkivi said, “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.”
Earlier in the year, Tuum raised a €1m investment from AS LHV Group. This was a convertible bond, which will be converted during the next funding round into shares. The deal also bolstered the partnership between the two.
The investment came just months after Tuum raised €15m in its Series A, which was led by Portage Ventures.
Salv previously raised $2m for its seed round in late 2019.
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