SpareBank 1 Alliance renews Nets card issuing deal

Source: Nets

The annual value of the agreement is approx. NOK 50 million and it covers all Visa cards issued by SpareBank 1 banks in Norway.

"The renewal of the agreement provides a potential for large cost savings for SpareBank 1 banks," says Executive Vice President Øyvind Aass, who is in charge of the alliance cooperation in SpareBank 1.

The agreement includes transaction processing, clearing and settlement, dispute and chargebacks, implementation of new card products, administration of incoming cards as well as 24-hour blocking and emergency services for the customers of SpareBank 1.

"This is a strategically important agreement for us. Sparebank 1 Alliance is the second-largest card issuer in Norway, and we are very pleased that SpareBank 1 has chosen to renew the agreement with us. We look forward to a continuing close and good cooperation with the banks," according to CEO at Nets, Mette Kamsvåg.

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