Our onboarding process is tailored to offer you a smooth, seamless start to our partnership. We know that opening a new account can be time-consuming, but we prioritise a mutual fit between your business needs and our services. That is why our process is designed to be both thorough and efficient, ensuring we can swiftly move from application to account activation.
Eligibility
When seeking to establish a Banking Services relationship with LHV, it's essential to understand the eligibility criteria, assessment criteria, and compliance requirements. These factors play a crucial role in LHV's evaluation of potential clients, ensuring we maintain high financial industry standards. Read more on LHV eligibility Criteria
Documentation Gathering
Once you have confirmed your eligibility, our Sales team will guide you through the process.
Upon completing your LHV Application Form, you will also be required to provide the following documentation to ensure our services align with your company's needs:
- Corporate background
- Information on investors
- Key personnel
- Risk policies
- Internal governance and technology
Our team shall assess:
- Whether our mutual risk appetites match – LHV Risk Appetite
- The specific costs, risks and revenues associated with your business
- Whether your company falls within LHV's target client base
If your business meets all the above criteria, we will proceed to the Review and Decision stage
Timeline: The timeframe for document checks depends on your preparedness and completeness of documentation.
Review and Decision
This stage can be lengthy due to the documentation and details involved, but we will keep you up to date
Our Business Risk Management team will undertake an enhanced due diligence (EDD) process to assess several aspects of your business, including:
- Your AML Policy
- Ownership Structure and Key Personnel
- Financial Crime Programme, Framework and Resources
- Proposed Transaction Flows, Customer Types and Business Model
- Licencing Arrangements and other relevant Risk Factors
We will also:
- Review the application
- Analyse your activities against LHV Risk Appetite
- Verify that your business meets LHV Compliance Requirements
We may contact you for additional information, in which case we will get in touch.
Once satisfied, we will confirm approval.
Timeline: Only initiated once the application is complete, typically taking between 4-6 weeks.
Contract Signing
We will get in touch to confirm approval, finalise contracts and introduce you to your relationship manager
Through our Customer Portal, you will have access to the basic functionality of our products immediately, allowing you to:
- Manage payments
- Download statements
- Set authorisation limit
Timeline: Approximately 2 weeks
Technical Integration
Once the contract is finalised, you can start the technical integration
- The speed of technical integration also depends on the availability of your internal resources (business and technical)
- All Banking Services are accessible through our API – LHV Connect
Timeline: Generally ranging from 4 to 12 weeks, depending on your responsiveness.