Following this announcement, Tuum’s core capabilities, in partnership with Salt Edge’s Open Banking Compliance solution, are set to support LHV Bank in the process of providing more secure and efficient services. This initiative will take place by managing all core banking operations and ensuring compliance with stringent regulatory requirements in the UK.
In addition, the collaboration aims to optimise the manner in which financial institutions across the region of Europe access the spectrum of Open Banking features quickly and securely while enabling integration with an API-first and modular core banking platform. LHV Bank is one of the beneficiaries of this collaboration, leveraging the expertise and suite of products of both providers.
More information on the Salt Edge x Tuum x and LHV Bank partnership
According to the official press release, as part of the existing collaboration between Tuum and Salt Edge, the latter was selected by LHV Bank to complement its digital core and ensure full compliance with the UK’s Open Banking regulatory requirements. At the same time, the bank chose Salt Edge’s Open Banking Compliance product, a solution that integrates with their banking core, with its toolkit, management dashboards, robust TPP verification system, and compliance coverage, aiming to allow the company to focus on building optimised banking products. To accelerate development and expand its offerings, LHV Bank also chose Tuum to replace and handle its core banking system.
Furthermore, the process of integrating Salt Edge’s compliance capabilities with Tuum’s API-first, modular core will develop a future-ready foundation that enables LHV Bank to grow rapidly, scale confidently, and deliver an improved experience to its fintech partners and end customers. The companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
