Form3 helps LHV Bank connect to UK Faster Payments
Form3, a UK-based cloud technology provider of Payments-as-a-Service for banks and regulated fintechs, has gained a new client – LHV Bank.
LHV Group, Estonia’s largest homegrown banking group, is moving into the UK market and has selected Form3 to provide a fully managed service connecting the bank directly to the UK Faster Payments infrastructure. LHV will join the scheme as a directly connected participant (member) in 2019.
Earlier this year, LHV secured an approval from the UK regulator, Financial Conduct Authority (FCA) and opened a branch in London (and it’s included in our UK challenger bank list). The bank already has around 30 financial institutions and fintechs as clients in the UK, including Coinbase and TransferWise.
Complementing its direct membership of the Euro Payments System and participation in the Euro Instant Payments System working group, LHV will now use Form3’s cloud-native payments service to connect to the UK Faster Payments scheme, enabling LHV’s customers to send and receive GBP payments in real-time.
“LHV is focusing on providing a direct link between the latest generation fintech services and the UK’s national banking infrastructure,” Form3 explains. “For this, LHV has decided to open its own accounts at the Bank of England, ahead of becoming a directly connected participant in the UK Faster Payments Scheme. This coveted status will allow LHV to compete with the established players and most disruptive challenger banks alike to deliver the very best user experience to its customers.”
Andres Kitter, head of LHV UK branch and member of LHV Bank management board, praises Form3 for its “depth of expertise” and “approach to simplifying payments”.