LHV Joins Forces With IT Development Group
Commercial bank LHV has joined forces with the Association of Information Technology and Telecommunications (ITL), allowing it to take part in the organization's projects and contribute to the development of IT education.
The projects include the promotion and development of an e-receipt system, which would replace paper checks with a database that stores purchase information.
"As an Estonian bank it is important for us to use information technology that is specifically developed in [this country]," said Erki Kilu, chairman of the board at LHV.
"The Estonian-made online banking system is world class and it gives a competitive edge in the banking industry that must be used and developed," Kilu added.
According to Sten Tamkivi, member of the board at ITL, banks have always been at the forefront of IT development and implementation, and they often employ more IT-specialists than many other specialized companies.
LHV is the first bank to join ITL, a volunteer organization whose primary objective is to unite Estonian information technology and telecommunications companies.
Created in 1999, LHV is based on Estonian capital and operates in all three Baltic states and Finland. The bank currently holds the third largest market share of mandatory (second pillar) pensions in Estonia.