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LPB Bank: your one-stop Bank for FinTech fundamentals

BaaS LPB Bank

Over the past year and a half, online sales saw a sharp increase, and the role played by banks became even more important. Businesses need banks that can offer a full range of services, from safekeeping of their funds to secure online transfers on the internet.

The right choice of Bank means a lot. It is crucial for FinTech companies and startups to find a financial partner that can enable core financial services for business operations and further development. The right chosen Bank will help go online, start cooperation with the first clients and successfully make money!

Staņislavs Siņakovičs, Head of Sales and Regional Development at LPB Bank, comments:

“As a European credit institution, LPB Bank cooperates with clients in a range of sectors. With over 13 years of successful operations, our Bank has accumulated formidable and solid e-commerce know-how.

In the era of rapid development of FinTech services, we need to understand the needs and challenges of this industry, their tasks and possible difficulties. FinTech companies want to receive and send transfers, acquire card payments, issue cards (both plastic and virtual), exchange currencies, hedge foreign exchange risks and so forth. They want a so-called “pillar bank” that will store their financial assets safely and separately (we hold your funds on segregated accounts) from the financial company’s funds. Our Bank offers the opening of such a segregated account.

With all the choices of banks in the financial services sector clients have, only a few can supply the full Banking as a Service (BaaS) range. Providers segment their offerings and rarely provide one-stop service for all your banking needs. For example, some might open current accounts but will not issue payment cards or not provide acquiring services. Other service providers might specialize in issuing and servicing payment cards but fail to support the SEPA transfers scheme or generate their own IBANs (unique identifiers that financial institutions assign to clients) to send and receive transfers via a dedicated BIC).

With LPB Bank, FinTech companies are connected to the STEP2 European payment system, sending SEPA and eventually SEPA Instant payments. If you choose a provider that only supports specialized services, clients face additional consideration, approval, testing, connection and content costs (which will be both financial and time-based). In most cases, technical integration requires other IT resources and additional time from the service provider and the client.

Our Bank provides FinTech companies and startups with access to the open architecture of various banking services, thereby offering a wide range of services “under one roof” for launching a business. We are ready to start cooperation with payment institutions licensed in the EEA or the UK, such as SPI (small payment institutions), API (authorized payment institutions), EMI (electronic money institutions).

Our Bank is also considering the possibility of cooperation with unlicensed FinTech companies, such as SaaS (software as a service), which have their mobile applications and marketing strategy.

Keeping up with the times, LPB Bank constantly monitors changes in the legislation of Latvia and the EU, which affect new areas and business areas, such as crowdfunding platforms, virtual currency exchange companies, and others, to start cooperation with them in the future.”

Services currently available with LPB Bank:

☑️Segregated accounts – keep funds following all security requirements in separate accounts in a licensed European bank with separation of client’s funds from the financial institution’s funds.
☑️Visa, Mastercard and Apple pay acquiring – let your merchants accept payments for goods and services from anywhere in the world.
☑️Addressable BIC in SEPA – send and receive SEPA payments via STEP2 system using your own addressable BIC.
☑️Currency exchange – mitigate exchange rate fluctuation risks and plan your cash flow with our FX services in spot, forward and FX SWAP transactions.
☑️Simple API integration – we provide a direct and secure connection to our payment infrastructure for making transfers.
☑️Direct Market Access – with Trader Workstation (TWS), traders, investors and institutions can trade stocks, options, futures, forex, bonds and ETFs on over 100 markets worldwide from a single account.

LPB Bank is also planning to connect:

☑️SEPA Instant payments.
☑️BIN sponsored virtual or plastic card issuing under your brand, coupled with a processing solution in the nearest future.