LHV, the fintech focused bank and payment services provider, has just announced that it has commenced providing real-time pound payments via the UK’s Faster Payments scheme.
The bank is now providing real time euro payments via Single Euro Payment Area Instant (SEPA Instant) and processing pound (Faster Payments) payments.
The pound payments service has been operational since May 2019. However, Pay UK, an organisation operating the pound payments in the UK, delayed the launch. To ensure compliance in the post-Brexit environment, the Estonian Credit Institutions Act was changed, enabling LHV to launch the pound payment service, which is now available to its clients.
LHV’s clients now also have access to safeguarding accounts, Virtual IBANs, currency exchange, liquidity services and possible financing.
Andres Kitter, Head of LHV’s UK branch, commented:
From today, Faster Payments is available to our clients and this marks the official beginning of our business in the UK. We have been working towards this moment ever since we expanded to London in early 2018. LHV has thrived in the capital over the past two years – reaching profitability in our first year and tripling our client base to well over 100 fintech clients today.
We are the preferred banking infrastructure provider to companies of all sizes, ranging from small pre-revenue start-ups to unicorns with global reach such as TransferWise, Coinbase, Paysafe and Trustly.
Continuous development of services for our fintech clients is key to our success and we will continue to respond to market demands promptly by developing bespoke value add solutions, both proactively and reactively.
Despite the UK’s upcoming exit from the EU, we are confident that London shall maintain its position as a fintech capital of Europe. LHV is in it for the long haul, with plans in place to continue our growth in the upcoming years, providing the best possible services to our fintech clients.