Three months after successful its UK banking licence, LHV Financial institution has finalised the enterprise switch from its Estonian affiliate AS LHV Pank to the brand new entity.
All GBP funds related to the corporate’s banking providers have now moved to the brand new financial institution from the earlier department, together with memberships and associated contracts.
LHV Financial institution can also be strengthening its Banking-as-a-Service (BaaS) enterprise with a brand new cloud-based core banking system and migrated buyer information to a brand new LHV Financial institution system within the UK.
“The preparation for this enterprise switch has spanned over a yr and a half. The entire mission has been sizable, each legally and technically,” LHV Financial institution CEO Erki Kilu mentioned.
“Throughout this era, we’ve constructed a totally new banking software program, culminating in what’s arguably probably the most state-of-the-art banking system, giving us a technological benefit for the foreseeable future.”
The entire financial institution’s shoppers and their information have now transitioned to the brand new system.
LHV Financial institution itself has greater than 200 world banking providers clients, and thru its BaaS these shoppers serve greater than 10 million clients throughout the UK and Europe.
Whereas LHV Financial institution takes on all GBP funds providers, the Etonian entity LHV Pank will proceed to course of EUR funds.
The financial institution can also be making ready to introduce a brand new mortgage system and has plans to begin taking deposits quickly.
“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,” Kilu added.
The CEO mentioned the financial institution partnered with Tuum for its core banking system, Salv for cost monitoring and Salesforce for buyer administration.
