Nets signs Danish banks to long term deal

Source: Nets

A new agreement with the Danish Regional Bankers' Association (RBF) and The Association of Local Banks, Savings Banks and Cooperative Banks in Denmark (LOPI) through their new umbrella company BOKIS A/S ensures that Nets will continue to handle international payment card services for the approximately 70 member banks until 2018.

The agreement was signed on 4 March but is effective retrospectively as of the beginning of 2014. It puts in place the framework and structure for future new agreements, thus ensuring expedient and flexible implementation of new services. These include a substantially improved fraud management system which is currently being implemented, and contactless international cards that will be issued on the Danish market during the summer.

"Over a period of many years, Nets has proved to have the expertise and technology to be a competent supplier of the services we require. That is why we are happy to not only prolong but also expand our working relationship with Nets so we will be able to further develop our business for the benefit of our customers," says Jan Kondrup, director of The Association of Local Banks, Savings Banks and Cooperative Banks in Denmark.

The Danish Regional Bankers' Association is also delighted with the agreement:

"It was important for us to put in place an agreement that will give us access to effective solutions and further development of our banking products so that, in making their purchases, our customers can be offered the best products in the market on an ongoing basis. During the process leading up to the agreement we assessed several other potential suppliers, and it is with satisfaction that we can conclude that Nets - which we have been working with for many years - occupies a strong and competitive position in the international marketplace," says Søren Nicolaisen, director of the Danish Regional Bankers' Association.

Nets also emphasises the importance of the new agreement:

"Denmark is an important home market for Nets. Hence, it is very important for us that the regional and local banks in Denmark have chosen to enter into this agreement with us, continuing our long-standing relationship. This deal is worth tens of millions of euros and paves the way for a number of important deliveries of services, thus helping us to consolidate our market position in Denmark for the years to come," says Susanne Brønnum, Group Executive Vice President of Nets.

Local and regional cooperation though new company
The Danish Regional Bankers' Association has four members with country-wide representation: Jyske Bank, Sydbank, Spar Nord and Arbejdernes Landsbank. The Association of Local Banks, Savings Banks and Cooperative Banks in Denmark has almost 70 members among local banks, savings banks and cooperative banks. They have all come together in a new consortium, BOKIS A/S, which has officially entered into the agreement with Nets concerning several services relating to international payment cards. In future, the company will be in charge of joint purchasing in the cards and payments area and will play an active role in the further development of payment solutions benefitting their members and their customers. 

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