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LHV Financial institution companions with Tuum to launch a brand new mortgage system. | Picture credit score: LHV Financial institution
LHV Financial institution, which acquired a UK banking licence in Could, introduced on Thursday that it’s partnering with Estonian SaaS supplier Tuum to roll out a brand new mortgage system for its SME Lending enterprise. Erki Kilu, CEO of LHV Financial institution, says,
“This integration with Tuum is a key step in our steady effort to supply a framework that permits our SME Lending enterprise to develop a variety of latest merchandise rapidly, permitting us to swiftly adapt to altering market calls for.”
In accordance with LHV Financial institution, the transfer improves useful resource allocation and simplifies lending structure. It’ll enable the financial institution to roll out new merchandise rapidly to adapt to altering market calls for. Moreover, it creates a resilient, future-proof framework that can assist the financial institution keep away from legacy system challenges.
LHV Financial institution’s lending enterprise supplies industrial property and buying and selling loans of as much as £5M (€5.8M) to small and medium enterprises within the UK. Predominantly working in Manchester, it goals to gas financial progress in underdeveloped enterprise hubs.
LHV Financial institution launches new core banking system
In August, LHV Financial institution launched an up to date core banking system for its Financial institution Providers division, which serves 200 fintechs worldwide. The brand new system ensures extra environment friendly GBP funds, enhancing reliability and scalability for the financial institution’s shopper base within the UK.
“When constructing this method, we selected to collaborate extra extensively with exterior value-adding service suppliers, transitioning all methods to cloud options and enhancing in-house agile software program processes,” says Kilu.
The present change entails shifting the financial institution’s clients to Tuum’s platform. Tuum CEO Myles Bertrand asserts that LHV Financial institution’s transition to the service supplier’s cloud-based system additional strengthens their partnership and can profit shoppers.
“Purchasers that function a number of enterprise strains from our system see one of the best returns and diminished price of possession,” Bertrand remarks.
In addition to collaborating with Tuum to develop its Banking Providers enterprise line, LHV Financial institution companions with Salesforce for buyer administration and Salv for cost monitoring.
Final week, LHV Financial institution additionally introduced a partnership with on-line saving platform Raisin UK. It’s the financial institution’s first step in its plan to launch direct-to-customer financial savings product choices subsequent 12 months.
Tuum helps banking companies keep away from legacy issues
Estonia-based SaaS agency Tuum supplies banking options for monetary establishments throughout Europe and the UK.
Tuum says that many monetary companies depend on their legacy methods, making it difficult to adapt to the quickly altering market.
It provides a number of options for these companies to rework and scale their companies. Tuum provides modules for core banking, lending, playing cards, and funds, the 4 vital features in banking providers.
Tuum’s core banking module streamlines the administration of accounts, transactions, deposits, and pricing. Its lending module accommodates the mortgage administration course of, from software to contract.
The cardboard module facilitates the issuance of debit and bank cards. Banking companies use Tuum’s cost module to provoke and validate funds primarily based on their most popular cost formation guidelines.
About LHV financial institution
LHV Financial institution is a baby firm of Estonia-based LHV Group, a publicly traded monetary agency specialising in monetary providers.
Established in 2012, it started servicing fintech shoppers in Estonia. LHV Financial institution then entered the UK market in 2018 by opening a London workplace.
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