Ikano Bank and PBS have taken an important step towards centralising the processing of Ikano Bank's card transactions. Most recently, Germany was added to PBS' existing solution, meaning that PBS now processes card payments for Ikano Bank in Denmark, Sweden, Norway, Finland and Germany.
"The close partnership with PBS provides us with the most efficient processing of our card transactions. It is a logical step for Ikano Bank to partner with PBS in the important German market", says Ikano Bank's CIO, Flemming Druedahl.
Ikano Bank's primary business area is issuing debit and credit cards, either private label cards (e.g. IKEA cards) or co-branded cards (e.g. VISA or MasterCard) in cooperation with its business partners. Ikano offers a standardised solution at a favourable price and the bank is therefore an attractive partner for businesses aiming to issue new co-branded cards in Denmark, Sweden, Norway, Finland or Germany.
"At PBS, we will continue to efficiently support Ikano Bank in its strategic expansion. We will follow Ikano Bank to any new markets where the bank aspires to establish itself", says Pedram Tadayon, Vice President at PBS.
In 2007, Ikano Bank and PBS entered into an agreement for PBS to support Ikano's card business in the countries where Ikano Bank operates. The agreement centralises the processing of Ikano's card transactions and consequently enhances the bank's efficiency. This enables Ikano Bank to efficiently process many card schemes at low costs providing the bank with a unique competitive edge in the market.