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Latvian Startup Swipe.lv Democratises Acceptance of Payment Cards

11-Aug-2015 / Products & Services Swipe.lv payment service has started operating in Latvia, allowing for creating invoices for goods and services, sending them by e-mail or SMS and accepting payments by Visa and MasterCard. The next day, funds are transferred to accounts at any Latvian bank.

Member of the Board of Rietumu Bank Eugene Dugaev

Swipe.lv service payments are processed by Rietumu Bank, using the bank’s infrastructure.

Swipe.lv is an illustrative and rare example of an intellectual business established in Latvia in the field of financial services. Currently, it is one of a kind in Latvia, both with regard to its convenience for small and medium businesses and pricing.

It is also notable that Swipe.lv is a startup. Not long ago, in April, its organisers participated in the first international startup competition in Latvia, Rietumu FinTech Challenge by TechHub Academy, and they now provide full-rate services for customers.

As previously reported, the startup competition was held with the support of Rietumu Bank. Its participants were young companies operating in the field of fintech. Following the competition results, Rietumu Bank and DECTA Processing Centre offered their support to fintech startups in the development stage, including free bank account services and acceptance of online payments by MasterCard and Visa. There was also a separate decision taken to support Swipe.lv’s initial implementation on the bank’s platform.

“There were many interesting projects at the competition, but finally we selected Swipe.lv. This is the service which businesses need today and will need even more tomorrow”, said Member of the Board of Rietumu Bank Eugene Dugaev. “Therefore, we decided to support this startup and offered the resources and competence of the bank for its launch. We undertake the solution of routine but required issues, so that young entrepreneurs can focus fully on the development of their idea”.

According to one of the authors of the Swipe.lv project, Eugene Novitsky, “We had an idea, a project and a team, but none of us had banking or finance qualifications. At the moment, Rietumu Bank was launching its processing centre and our project seemed to be interesting to them. Rietumu Bank helped to look into payment and card techniques in layman’s terms, as well as provided legal support in compiling the documentation”.

Swipe.lv provides an opportunity for a business that does not have its own website to start working with payment cards – presented invoices are sent by phone or e-mail and customers can pay them at once by card. There is no need to open a special account for online payments – the funds will reach the receiver’s account at any Latvian bank the next day.

Swipe.lv services can be used by companies registered in Latvia and with accounts at a Latvian bank.

Registration on Swipe.lv takes a few minutes, following which one can generate invoices and send them to customers. In autumn, opportunities will be provided for companies with a large number of customers and accounts through integration of Swipe.lv with a billing system. This will simplify the process of presenting invoices and paying for them, plus it will allow for following account status from one’s personal account.

Eleonora Gailisha
Mass Media and Public Relations
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