OP-Pohjola Group will begin settlement services for Finnish-based merchants related to international payment card transactions. OP-Pohjola offers this service in cooperation with Luottokunta.
- OP Merchant Services settles payments directly to our corporate customers for purchases made using Visa and MasterCard cards. This new service is an essential part of our extensive services for payments and cash management, says Kasimir Hirn, Finance Manager in charge of OP-Pohjola Group's card services.
Card-based purchases in Finland totalled over 40 billion euros last year.
- Our corporate customers have multiple benefits to reap from using this service. We can choose the manner and period of settlement to suit the size of the merchant's business. In addition, the merchant can agree on the details of this service with his local Group member bank, says Mr Hirn.
Luottokunta will continue to take care of the technical aspects as well as some other features of the process.
- We are thrilled to be able to work together with OP-Pohjola Group and offer our expertise in the field of settlement services for card payments. High usability, smooth processes and affordable prices owing to cost-efficiency are all features that merchants find especially valuable. The turnkey service we provide to OP-Pohjola is a competitive package. Thanks to our cooperation, Group member banks will be able to focus on providing their customers with high-quality services without having to obtain new competences or systems required for accepting Visa and MasterCard transactions, says Jukka Koivu, Sales Director of Luottokunta.
For further information, please contact:
Kasimir Hirn, Finance Manager in charge of OP-Pohjola Group's card services, tel. +358 (0)10 252 3047
Jukka Koivu, Sales Director, Luottokunta, tel. +358 (0)50 533 8499
OP-Pohjola Group is Finland's leading financial services group providing a unique range of banking, investment and insurance services. The Group has the mission of promoting the sustainable prosperity, well-being and security of its owner-members, customers and operating regions through its local presence. Its objective is to offer the best and most versatile package of loyal customer benefits on the market. OP-Pohjola Group consists of some 200 member cooperative banks and the Group's central institution, OP-Pohjola Group Central Cooperative, with its subsidiaries and closely-related companies, the largest of which is the listed company Pohjola Bank plc. With a staff of more than 12,000, OP-Pohjola Group posted consolidated earnings of 575 million euros before tax in 2010 and had total assets of 84 billion euros on 31 December 2010. The group has over four million customers.
Luottokunta is the leading card payment service provider in Finland. The company develops and offers efficient payment solutions for banks, merchants and companies. In 2010, the total turnover from Visa and MasterCard card services which fall under the scope of Luottokunta's service came to around 27 billion euros. The company has a staff of 500.