Leading banking services provider for FinTech companies, LHV Bank, has been chosen by Montonio, a fast-growing e-commerce checkout solution provider, to bolster its merchant services.
The sturdy API-driven infrastructure of LHV Bank is set to serve as the foundation for an upgraded customer experience provided by Montonio.
The partnership comes as a strategic move aimed at optimising Montonio’s merchant solutions and offering a streamlined user experience. Through the integration of LHV Bank’s comprehensive services, Montonio will enhance critical aspects of its service including a streamlined refund process, creation of merchant accounts under individual merchant names, and instant EUR payments efficiency.
LHV Bank, an esteemed banking infrastructure provider, boasts a range of solutions tailored to the requirements of merchant acquiring and open banking providers. These include real-time GBP payments via the Faster Payment Service (FPS), EUR payments through SEPA Instant or TIPS payment schemes, SEPA and SEPA DD payments, virtual IBANs (vIBANs), and safeguarding accounts with a user-friendly API interface.
Montonio, an innovator in the e-commerce space, offers checkout solutions to merchants. Leveraging LHV Bank’s robust API, the company is poised to improve its payment processes, simplifying transactions from end users to merchants, and enhancing overall user trust and experience. These advancements also include the introduction of a two-click merchant refund mechanism, a feature that extends Montonio’s appeal to larger e-commerce merchants.
This strategic alliance aligns with LHV Bank’s growth plans to broaden its banking services portfolio for e-commerce businesses. This follows the bank securing its UK banking license in early May 2023. In a similar vein, Montonio continues to build on its growth, having raised €11m in a Series A funding round led by Index Ventures, and grown to a workforce of over 60 professionals.
Montonio co-founder and CEO Markus Lember said, “Thanks to LHV Bank’s robust payment infrastructure, Montonio can now provide our customers with enhanced flexibility for accepting payments – all without compromising security or convenience. We are thrilled to join forces with LHV Bank to deliver efficient money movement and payouts to our new and existing merchants.”
CEO of LHV Bank Erki Kilu said, “Our partnership with Montonio aligns with LHV Bank’s strategy to serve the e-commerce sector more effectively. We are known for providing efficient and secure banking solutions, and working with Montonio allows us to extend these services to a broader market.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global