Estonian banking group AS LHV Pank starts Card Acquiring via Nets

Press release 09-09-2014

​AS LHV Pank (LHV) has chosen Nets as partner for entering the card acquiring market. LHV has for the last 5 years taken the role as the innovative challenger in the Estonian cards issuing market. A few examples are co-branded cards with Retail chain Tallinna Kaubamaja AS and the launch of combined credit and debit card in one card.

​LHV has for the last 5 years taken the role as the innovative challenger in the Estonian cards issuing market. A few examples are co-branded cards with Retail chain Tallinna Kaubamaja AS and the launch of combined credit and debit card in one card.

With their growing Baltic success, LHV has decided to enter into card acquiring as well. A careful research of the service provider options was conducted, and it was decided to choose Nets as partner in delivering the solution.

LHV went live with card acquiring in Estonia on 1 September 2014. The solution delivered by Nets contains the full acquiring value chain from terminal rental, payment authorizations & clearing, E-commerce, dispute management and fraud prevention LHV decided upon Nets as a strategic supplier, because Nets is able to deliver a complete harmonized cross border solution, which can be expanded across all the Baltic countries.

"Our aim is to provide vendors with a faster acquiring service and more modern technology at competitive prices," says CEO of AS LHV Pank Erki Kilu.

"We welcome a new acquirer in Estonia, and we are always happy to expand the business with existing customers, so we are very excited that LHV chose Nets to deliver this solution. It has been a pleasure for Nets to work with LHV on this project, and we look forward to expand the co-operation even further with interesting new solutions in future, which is a natural next step and part of the plans in the new Frame agreement we have signed", says Country Senior Executive in Nets Estonia Raivo Tinn.

 

 

About AS LHV Pank

 

LHV Group is the largest domestic financial group and capital provider in Estonia. AS LHV Group's key subsidiaries are AS LHV Pank and AS LHV Varahaldus. LHV has a representative office in Tallinn, Tartu, Riga, Vilnius and Helsinki. LHV employs over 200 people. LHV's banking services have over 60,000 customers. LHV's pension funds have over 130,000 customers.