The Business Transfer Process
LHV Bank has successfully completed the business transfer process from its Estonian affiliate, AS LHV Pank, to its newly established UK entity. This transfer includes all GBP payments, memberships, and related contracts.
Enhancing Banking-as-a-Service
In addition to the business transfer, LHV Bank is bolstering its Banking-as-a-Service (BaaS) business with the implementation of a cloud-based core banking system. The customer data has been migrated to the new LHV Bank system, providing a technologically advanced solution for its clients.
LHV Bank’s Technological Advantage
With the completion of the business transfer and the adoption of the state-of-the-art banking system, LHV Bank has gained a technological advantage in the industry. The bank’s CEO, Erki Kilu, emphasized the extensive preparation and collaboration with external service providers to build this cutting-edge system.
Transition to the New System
All of LHV Bank’s clients and their data have successfully transitioned to the new system. The bank, which serves over 200 global banking services customers, along with its BaaS clients, is now well-positioned to cater to more than 10 million customers across the UK and Europe.
Future Plans
LHV Bank is committed to expanding its services further. While taking over all GBP payment services, the Estonian entity, LHV Pank, will continue to process EUR payments. Moreover, the bank is preparing to introduce a new loan system and has plans to accept deposits in the near future.
Strategic Partnerships
Throughout the journey of building its advanced banking system, LHV Bank collaborated extensively with value-adding service providers. The bank partnered with Tuum for its core banking system, Salv for payment monitoring, and Salesforce for customer management.
