Nets is expanding its existing agreements with Norway’s largest bank, DNB and Eika Gruppen.
As a result, the expanded remits confirm Nets as the largest card processor in Norway and across the Nordics.
Eika Gruppen respresents a strategic alliance of 69 Norwegian banks.
Eika has agreed a new seven-year framework agreement with Nets. The deal increases its card processing remit to include an array of new, value-added payment and card services. According to Nets, joint innovation will be key to the partnership going forward. In particular, Nets is taking an active role in product development.
This will enable economies of scale for the 69-member banks. Specific examples include fraud and dispute services, which will be increasingly automated and incorporate new AI capabilities.
The digitisation of workflows that Nets will facilitate will bring significant process and cost efficiencies to banks and their customers.
Hege Toft Karlsen, CEO, Eika Gruppen, says: “Eika has been working with Nets for many years. This new agreement will strengthen our long-term, strategic partnership. Nets will deliver a number of new and more effective payment and card solutions for Eika banks and their customers. This will realise considerable cost savings for the banks in the Eika alliance.”
Nets deal with DNB: value added payment and card services
DNB’s deal increases Nets’ scope beyond card processing and payment services. The new deal includes joint innovation and a variety of value-added payment and card services.
Benjamin Golding, Executive Vice President, DNB, comments: “As the largest bank in Norway we depend on being able to offer innovative, secure and stable services. And our ongoing partnership with Nets supports this. We have closely collaborated with Nets for many years and this new chapter deepens our relationship.”
Thomas Jul, Group Executive Vice President, Financial and Network Services, Nets, adds: “We are delighted not just to be continuing, but expanding, our partnerships with these two major players in the Norwegian banking industry. In the process, this confirms our role as the leading enabler of Norway’s payment infrastructure.
“We continue to make payments easier and more convenient, as well as safe and secure, for our customers’ end users. These collaborative partnerships, focused on product development, will ensure that the Nordics remain at the forefront of payments innovation.”