UK-based LHV Bank has partnered with ecommerce checkout provider Montonio to augment its merchant services with API-driven infrastructure. By leveraging LHV Bank's services, Montonio can enhance various aspects, including a more efficient refund process, the creation of merchant accounts in the names of respective merchants, and increased effectiveness in instant EUR payments.

Additionally, the implementation of safeguarding accounts ensures secure segregation of client funds, while the provision of virtual IBANs (vIBANs) for merchant settlement accounts contributes to optimizing Montonio's merchant solutions. Augmented payment processes and refunds 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 ecommerce merchants.

This feature enables Montonio to extend its reach to these businesses, positioning itself well for growth. LHV Bank 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 license 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.

Thanks to LHV Bank’s robust payment infrastructure, Montonio can now provide its customers with enhanced flexibility for accepting payments – all without compromising security or convenience. Montonio’s officials are happy to join forces with LHV Bank to deliver efficient money movement and payouts to their new and existing merchants. LHV Banl’s representatives said their partnership with Montonio aligns with their strategy to serve the ecommerce sector more effectively.

They are known for providing efficient and secure banking solutions, and working with Montonio allows them to extend these services to a broader market. .