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LHV Bank extended partnership with Nets to continue services in Estonia

By Joy Dumasia

August 12, 2021

  • Estonia
  • Lhv
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LHV Bank and European payment services provider Nets have extended their long-term partnership in Estonia while adding new issuing services for LHV’s British subsidiary, LHV UK Limited.

The extended partnership will see Nets continue to deliver full acquiring services for LHV in Estonia, including terminal rental, payment authorisations and clearing, e-commerce capabilities, dispute management and fraud prevention.

Nets will support LHV with issuing services, including CMS systems, issuer processing, tokenisation services, fraud prevention with AI, dispute and chargeback services, customer service and cards personalisation.

LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, and LHV Kindlustus. LHV employs over 590 people. 282,000 clients use LHV’s banking services, the pension funds managed by LHV have 174,000 active clients, and LHV Kindlustus protects a total of 129,000 clients.

“LHV Bank aims to provide vendors and customers with truly innovative, tech-focused solutions to their financial needs,” said Andres Kitter, Member of the Management Board of LHV Bank. “We are looking forward to further extending our partnership with Nets in both Estonia and the UK, enabling us to provide a range of additional digital services to our customers.”

Henrik Anker Jørgensen, CEO of Nets Estonia AS & Head of Baltic region in Nets, added, “We are pleased to extend our partnership with LHV Bank and for their continued trust in Nets, helping to enable financial services for nearly 300,000 customers. LHV inspires us to innovate and continue providing capabilities that meet their specific needs, and we look forward to developing the partnership further in the future.”

IBS Intelligence recently reported that FinTech Bottomline has announced that LHV and The Access Bank UK Ltd have signed up for the business’ cloud-based Confirmation of Payee (CoP) service to help combat APP fraud. Confirmation of Payee, introduced in 2020, is a fraud prevention system led by Pay.UK and operated with Open Banking, which confirms the recipient’s name matches the details held by the bank.

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