Estonia-based Tuum, formerly known as Modularbank, will now provide banking and payment services through a strategic partnership with payment services provider LHV UK.
By partnering with LHV UK, modular core banking platform Tuum will be able to offer a single API-based payments platform, which gives fintechs and financial institutions 24/7 access to instant payments, in both GBP and euros, via the UK Faster Payments and SEPA Instant Schemes.
Tuum’s customers will have access to LHV’s existing banking services, including safeguarding funds, virtual IBANs, multicurrency bank accounts and FX.
Andres Kitter, head of LHV UK, said that the new partnership will allow LHV and Tuum to serve customers across a range of industries.
“This proposition allows us to further cement our reputation as the go-to Banking-as-a-Service provider across the UK and Europe.
“Delivering robust and cutting-edge payment services that allow fintechs to focus on other business priorities is of vital importance to us. LHV provides a single platform from which a variety of banking products can be consumed with minimal operational resources required,” said Kitter.
“Our own direct offering is trialled, tested and widely appraised, and with the addition of Tuum’s banking architecture capabilities, we become a one-stop-shop for aspiring fintechs.”
Fintech challenger Gerlipay, which provides an online payment solutions for SMEs, startups and corporates, is the first to go live with the combined service.
“This strategic partnership will be a formidable accelerator of innovation for the fintech community. Clients and prospects of Tuum can now avail of the wide range of payment and banking services offered by LHV right from the get-go, enabling faster-than-ever times to market for new products and services,” said Tuum’s global head of alliances and partnerships, Julien Douve.
“This joint offering positions Tuum as a partner of choice for newcomers (EMIs, PSPs, crypto etc.) and embedded finance providers alike that are looking to launch innovative propositions in a fast, agile and secure way.”