LHV Bank selects Salt Edge and Tuum to foster Open Banking advancements
In a significant move, LHV Bank, a Banking as a Service provider and a subsidiary of LHV Group, has partnered with Salt Edge and Tuum to enhance its compliance capabilities and unlock the full potential of Open Banking. Established in 2022, this partnership aims to help European financial institutions, including LHV Bank, access Open Banking features more efficiently.
The collaboration between Tuum and Salt Edge has created a future-ready foundation for LHV Bank. By integrating Salt Edge's comprehensive Open Banking Compliance solution with Tuum's API-first, modular core, LHV Bank can now innovate rapidly, scale confidently, and deliver seamless experiences to its fintech partners and end customers.
Salt Edge's Open Banking Compliance product is a comprehensive solution designed to help banks and financial institutions meet regulatory requirements under frameworks like PSD2 across Europe. It offers a ready-made toolkit, intuitive management dashboards, robust TPP verification tools, and built-in compliance support. LHV Bank chose Salt Edge's product over developing a compliant API layer, ensuring a streamlined and efficient approach to Open Banking compliance.
One of the key benefits for LHV Bank is ensuring PSD2 compliance by providing secure, standardized APIs that allow third-party providers to access retail and corporate account data while maintaining strong customer authentication and data security. The partnership also enables LHV Bank to achieve regulatory exemptions, such as from fallback mechanisms under Article 33.6 of the RTS, by leveraging Salt Edge’s compliance framework to meet stringent security and operational guidelines.
This partnership allows institutions like LHV Bank to focus on service innovation rather than just ticking compliance boxes. Marten Vill, product management domain lead at LHV Bank, stated that Salt Edge helps them deliver innovative banking services, freeing up resources for enhancing user experience and developing new digital services.
The partnership between Tuum and Salt Edge has been instrumental in supporting LHV Bank in providing value-added services. LHV Bank chose Tuum to replace and handle its core banking system. By doing so, LHV Bank can now accelerate the time-to-market for open banking products, thanks to a ready-made, tested compliance infrastructure.
Andrei Scutari, Open Banking head of sales and country manager at Salt Edge, expressed happiness in supporting LHV Bank with their Open Banking Compliance solution. LHV Bank seeks to innovate further and expand its offerings, and this partnership is a significant step towards achieving those goals.
For more information on similar partnerships, Tradu's decision to choose Salt Edge for PSD2 compliance and payment initiation can be found in further reading. As LHV Bank continues to innovate and grow, this partnership with Tuum and Salt Edge will undoubtedly play a crucial role in its success in the rapidly evolving world of Open Banking.
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- LHV Bank has integrated Salt Edge's Open Banking Compliance solution with Tuum's API-first, modular core to innovate rapidly, scale confidently, and deliver seamless experiences to its fintech partners and end customers.
- By choosing Salt Edge's product over developing a compliant API layer, LHV Bank ensures a streamlined and efficient approach to Open Banking compliance, allowing them to focus on service innovation rather than just ticking compliance boxes.
- The partnership between Tuum and Salt Edge has been instrumental in supporting LHV Bank in providing value-added services, enabling them to accelerate the time-to-market for open banking products with a ready-made, tested compliance infrastructure.
- This partnership between LHV Bank, Tuum, and Salt Edge will likely play a crucial role in LHV Bank's success in the rapidly evolving world of Open Banking, as they seek to innovate further and expand their offerings in the finance and technology sector.
