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LHV Bank selected by Montonio for API-driven enhancements to e-commerce payments
London, 22 June 2023: LHV Bank, a leading banking services provider to fintech companies, has been selected by Montonio, a rapidly growing e-commerce checkout solution provider, to enhance its merchant services. LHV Bank's robust API-driven infrastructure will serve as the backbone for Montonio’s enhanced customer experience.
With LHV Bank's suite of services, Montonio can provide key improvements such as a streamlined refund process, the establishment of merchant accounts under respective merchants' names, and improved efficiency of instant EUR payments. Furthermore, the ability to securely segregate client funds using safeguarding accounts, and the provision of virtual IBANs (vIBANs) for merchant settlement accounts, are crucial steps towards optimising Montonio's merchant solutions.
Through these integrated services, Montonio will simplify its payment process from end users to merchants, improving trust and user experience. A notable improvement is the introduction of a two-click merchant refund mechanism – an operational requirement often stipulated by larger e-commerce merchants. This feature enables Montonio to extend its reach to these businesses, positioning itself well for growth. Last year, Montonio successfully raised €11 million in a Series A funding round led by Index Ventures and has grown to a workforce of over 60 professionals.
LHV Bank, one of the largest banking infrastructure providers, offers a comprehensive range of solutions tailored to the needs of merchant acquiring and open banking providers, including real-time GBP payments through the Paster Payment Service (FPS), EUR payments through SEPA Instant or TIPS payment schemes, SEPA and SEPA DD payments, virtual IBANs, and safeguarding accounts via a user-friendly API.
Having secured its UK banking licence in early May 2023, LHV Bank’s collaboration with Montonio aligns with its growth strategy to broaden its banking services portfolio for e-commerce businesses.
Markus Lember, Co-founder and CEO of Montonio, commented: “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.”
Erki Kilu, CEO of LHV Bank, 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.”
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