Tuum partners with LHV UK to enhance banking and payment services

By Joy Dumasia

LHV UK, the financial and payment services provider for FinTech companies, is pleased to announce a new partnership with Tuum, the leading modular core banking platform offering back-end systems that support transactional retail and business banking.

This partnership enables Tuum to offer a single API-based payments platform, which gives FinTechs and financial institutions 24/7 access to instant payments, in both GBP and Euro, via the UK Faster Payments and SEPA Instant Schemes.

Tuum’s customers will have access to LHV’s existing banking services such as safeguarding funds, Virtual IBANs, multicurrency bank accounts and FX, amongst others. GerliPay, a FinTech challenger providing an online payment solution for start-ups, SMEs and large corporates, will be the first to go live and capitalise on the benefits of this combined service, with a pipeline of other companies to follow shortly after.

The partnership will further enhance LHV’s existing go-to-market strategy and bring new customers to LHV’s highly regarded direct market offering. Currently, almost 200 companies have chosen LHV to access instant Euro and GBP payments through its proprietary API, ‘LHV Connect’.

Andres Kitter, Head of LHV UK, said: “Tuum is one of the leading core banking platform providers, servicing numerous established corporates and high-growth FinTechs. This partnership allows LHV and Tuum to mutually service customers across a wide 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. 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.”