That hydrolytic procedure is a common one, especially with cleaning up cell electrolyte. It can be operated in reverse of course, precipitating AgCl, filtering, and then forming the hydrous oxide before redissolving in sulfuric, fuming, forming the Pd sulfito complex and decomposing in sulfuric to Pd metal.
Also bear in mind that UHP silver nitrate is made by using a small amount of formate to free it of PGM. Pd usually comes down first at low pH.
Keep in mind you can make formic in situ with the addition of a stronger acid (it is itself a weakly basic salt).
One thing to point out is formic and its salts on heating with strong acids, particularly sulfuric, release carbon monoxide! Have a care and make sure to check the hood draft and put a detector!
All in all, much safer than hydrazine. Slower but safer.