A group of Norwegian banks are preparing to merge their payments systems in an effort to protect themselves from an expected challenge from Silicon Valley.
Danske Bank is to terminate its MobilePay app in Norway and throw its weight behind the rival Vipps service.
Nordic payments processor Nets is to enable instant P2P payments to customers of all Norwegian banks who use the Vipps mobile payments app.
Having cut half of its branch network in 2016 to focus on digital development, Norway's DNB is rolling out a range of incubation and startup initiatives to accelerate its vision of becoming "a technology company with a banking licence".
Corporate customers are becoming increasingly digital and the competitive situation is changing.
More than 100 Norwegian banks are to take a stake in the Vipps P2P mobile payment app developed by DNB in a bid to block competition from rival Nordic platforms and the likes of Facebook, Google and Apple.
Often viewed as a bellwether for advances in banking technology, the Nordic markets are experiencing a significant spike in collaboration between banks and fintech startups.
DNB recorded profits of NOK 4 080 million in the third quarter of 2016, a reduction of NOK 2 290 million from the third quarter of 2015.
Norway's DNB is to axe 600 staff and shutter more than half of its remaining bank branches, saying that almost all of its customers now interact with the bank through digital channels.
Temenos (SIX: TEMN), a provider of mission-critical solutions to the financial services industry, today announces a successful go-live for DNB Luxembourg (DNB) which has deployed Temenos' award-winning core banking system and its multi-channel internet banking solution.
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