12. December 2017
LHV Connect is an API or an Application Programming Interface, that is now used to connect the systems of 1,000 enterprises, for example their finance software, to the banking services of LHV.
LHV gives a real-time overview of their account – the processing of information on incoming and outgoing payments is fast and it can be observed directly from the accounting programme. Even daily payments are very convenient with LHV Connect, as there is no need to log in to the internet bank. LHV already launched their Connect solution one and a half years ago, and today it is used by almost 1,000 clients.
With the new Apartment Ownership and Apartment Associations Act entering into force at the beginning of next year, many apartment associations are faced with the need to choose their bank and software. LHV recently started cooperation with korteriyhistu.net that gives all the existing and new apartment associations a great opportunity to simplify their accounting processes.
“In addition to the transparency of operations, the purpose of the environment of Korteriyhistu.net is to release people from the duty of processing machine-readable data. Be it the processing of e-invoices, remote reading of meters or processing of banking operations. On one side, automation helps to prevent human errors and, on the other side, saves valuable time performing routine activities. Our more long-term vision includes automated invoicing and accounting,” comments Rain Eensaar, a partner of korteriyhistu.net.
“Until now, apartment associations have not been able to access application programming interfaces, mainly due to their high cost, as the products have been targeted at large enterprises. So, offering the apartment associations the opportunity to use LHV Connect was a logical step for us. We can also see, that more and more apartment associations that join the service of korteriyhistu.net, prefer the domestic and innovative LHV Pank as their financial partner,” adds Eensaar. LHV Connect is suitable for small, medium-sized and large enterprises and using it does not involve any costs – concluding the contract and using the service is free of charge.
In addition to korteriyhistu.net, LHV has 5 larger cooperation partners offering a financial software service, whose programmes can be interfaced with Connect very easily. Among them are Merit Aktiva, Xolo, Vallaste & Partnerid.
“Connect has been created to simplify and speed up corporate accounting operations that are related to the bank. It is a functional API, that can be interfaced either through service providers or by directly developing one’s own information systems. Saving of our clients’ time and convenience of use of banking channels are important to us,” explains Elina Kaseväli, Head of Settlements at LHV Pank.
There are two options for interfacing the Connect API:
- If you are using the financial software of a cooperation partner of LHV, the interfacing can be done by simply concluding a contract at the bank.
- Interfacing is also possible with other systems and financial software, but it requires development works from the side of the client.