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Coop Pank has become the first bank to implement a payment solution for online businesses developed by Estonian startup Montonio Finance – in order to increase competition in the field of payment solutions and provide more choices for online merchants.

Coop Pank’s head of business banking Arko Kurtmann said that Montonio’s payment solution, in collaboration with Coop Pank, is aimed at both small and large businesses that have online stores or want to make payments easier and faster for their customers.

“Our goal is to stimulate businesses and make local online stores more efficient and profitable. Thanks to Coop Pank’s cooperation with Montonio, local businesses will be able to accept payments with more convenience and do it cheaper. Even more attractive terms apply to businesses using the Montonio payment solution through a bank: for example, there are up to 200 free payments per month, and the bank pays a merchant bonus to customers who use the solution,” said Kurtmann.

According to Montonio’s co-founder and CEO Markus Lember, their goal is to offer businesses convenient payment services, as well as delivery and instalment plan options, which helps to reduce costs and increase revenue: “Over 6,000 businesses have already implemented Montonio’s digital payment solution in Estonia, Latvia, Lithuania, Poland, Germany and Finland. Montonio’s largest partners include, for example, Apollo, Goldtime, Stokker and many other well-known companies.”

Montonio offers an all-in-one payment solution for online stores, which allows businesses to receive payments from customers by bank transfer from all banks in Estonia and the Baltics, as well as using bank cards, Apple Pay, Google Pay, Revolut and other similar services. Additionally, businesses have the option to add a payment link to their invoices, making the entire process faster and more convenient for consumers.