Banqsoft and Nets have concluded a five-year agreement with Bank Norwegian for the development of the bank's credit card, loan and savings product solutions.
"We are pleased that Bank Norwegian has chosen Banqsoft and Nets to operate and develop its credit card, loan and savings product solutions. In choosing our joint solution, Bank Norwegian has also made a platform choice, and we look forward to helping the bank to achieve its growth ambitions," says Johnny Rindahl, CEO of Banqsoft.
Under the agreement, Banqsoft will supply the user interface, account functionality and financial authorisation, while Nets will be responsible for issuer services, authorisation, technical clearing and settlement of card transactions, issuing of PIN codes and integration with Visa and MasterCard.
"The agreement with Bank Norwegian demonstrates the strength of our collaboration with Nets, through which we deliver flexible and cost-efficient services to banks and card issuers. Bank Norwegian had some 273,100 credit card customers in Norway and Sweden as per Q2 2014, and Banqsoft and Nets will initially supply administrative solutions for these," says Rindahl.
Nets sees clear benefits to cooperating with Banqsoft in the banking sector, and is pleased to have signed the agreement with Bank Norwegian.
"Nets and Banqsoft have combined their complementary services to offer Bank Norwegian an integrated solution. We are pleased that Bank Norwegian has chosen us to supply its credit card solutions," says Staale Rasmussen, Sales Director Financial Services at Nets.
The agreement will run for five years, and includes a six-month implementation phase. Bank Norwegian is looking forward to the start of the collaboration.
"Through our agreement with Banqsoft and Nets, we have secured partners capable of delivering the flexibility and functionality we require to deal with potential future needs and opportunities we have identified. We also look forward to being challenged to innovate and make ongoing improvements by our new partners – our customers are sure to benefit," says Erik Jensen, CEO of Bank Norwegian.