LHV Bank chooses Salt Edge and Tuum to enable Open Banking innovation

An existing partnership between core banking platform Tuum and Open Banking solutions provider Salt Edge has been extended to support UK-based LHV Bank in providing more value-added services by managing all core banking operations and ensuring compliance with UK regulations.

Tuum and Salt Edge’s partnership was established in 2022, with the aim to help European financial institutions access “the full spectrum” of Open Banking features, while enabling integration with an API-first and modular core banking platform.

LHV Bank, a Banking as a Service provider and subsidiary of LHV Group, which provides retail banking products for individuals and lending for businesses, chose Tuum to replace and handle its core banking system as it seeks to innovate further and expand its offerings.

“Open Banking is an incredible opportunity but also a technical and regulatory puzzle. Salt Edge helps us solve that puzzle without spending years assembling all the pieces ourselves. This way, we can focus on delivering innovative banking services, not just ticking compliance boxes,” said Marten Vill, product management domain lead at LHV Bank.

Instead of spending years developing a fully compliant API layer, the bank opted for Salt Edge’s Open Banking Compliance product, a trusted solution designed to integrate smoothly with its existing systems.

With its ready-made toolkit, intuitive management dashboards, robust TPP verification tools and built-in compliance support, the product enables LHV Bank to focus on developing banking services.

Miljan Stamenkovic, vice president sales at Tuum, added: “Our partnership with Salt Edge allows institutions like LHV Bank to unlock the full potential of Open Banking while remaining fully compliant from day one.

“By integrating Salt Edge’s compliance capabilities with Tuum’s API-first, modular core, we’ve created a future-ready foundation that enables LHV Bank to innovate rapidly, scale confidently, and deliver seamless experiences to its fintech partners and end customers.”

“We’re happy to support LHV Bank with our comprehensive Open Banking Compliance solution, helping them meet the UK regulatory requirements, stay ahead of the curve and minimise the technical burdens,” added Andrei Scutari, Open Banking head of sales and country manager at Salt Edge.

Further reading: Tradu chooses Salt Edge for PSD2 compliance and payment initiation