LHV Bank, a subsidiary of LHV Group, has partnered with Salt Edge and Tuum to bolster its open banking capabilities and streamline operations in compliance with UK regulations.

The collaboration leverages Tuum’s advanced core banking platform and Salt Edge’s Open Banking Compliance solution to deliver enhanced services to customers.

Since 2022, Tuum and Salt Edge have worked together to enable European financial institutions to adopt open banking features efficiently.

Their partnership provides a modular, “API-first” core banking system that integrates seamlessly with secure open banking functionalities.

LHV Bank, a Banking-as-a-Service (BaaS) provider serving more than 200 fintechs with retail banking and business lending solutions, has benefited significantly from this alliance, said Tuum.

To modernise its core banking infrastructure, LHV Bank selected Tuum’s platform.

Tuum sales vice president Miljan Stamenkovic said: “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.”

Additionally, the bank adopted Salt Edge’s Open Banking Compliance product to meet the UK’s stringent open banking standards.

The solution includes a comprehensive toolkit, management dashboards, and a robust third-party provider (TPP) verification system, allowing LHV Bank to prioritise the development of innovative banking products while ensuring regulatory compliance.

LHV Bank product management domain lead Marten Vill said: “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.”

Recently, Dutch digital banking software provider Plumery collaborated with Salt Edge to improve digital banking experiences.