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Norwegian banks expand Nets deals

Source: Nets

Nets, a market leader in the European payments industry, today announces expanded contracts with Eika Gruppen, a strategic alliance of 69 Norwegian banks, and DNB, Norway’s largest bank.

These expanded remits confirm Nets’ position as the largest card processor in Norway and across the Nordics.

Eika has agreed a new seven-year framework agreement with Nets, increasing its card processing remit to include an array of new, value-added payment and card services. Joint innovation will be key to the partnership going forward, with Nets taking an active role in product development. This will enable economies of scale for the 69-member banks, particularly regarding fraud and dispute services, which will be increasingly automated and incorporate new AI capabilities. The digitisation of workflows that Nets will facilitate will bring significant process and cost efficiencies to both the banks and their customers.

Hege Toft Karlsen, CEO, Eika Gruppen, says: “Eika has been working with Nets for many years, and this new agreement will strengthen our long-term, strategic partnership. Nets will deliver a number of new and more effective payment and card solutions for the Eika banks and their customers, realising considerable cost savings for the banks in the Eika alliance.”

DNB’s new framework agreement with Nets increases Nets’ scope beyond card processing and payment services to include joint innovation and a variety of value-added payment and card services.

Benjamin Golding, Executive Vice President, DNB, comments: “As the largest bank in Norway we depend on being able to offer innovative, secure and stable services, and our ongoing partnership with Nets supports this. We have closely collaborated with Nets for many years and this new chapter deepens our relationship.”

Thomas Jul, Group Executive Vice President, Financial and Network Services, Nets, adds: “We are delighted not just to be continuing, but expanding, our partnerships with these two major players in the Norwegian banking industry, and in the process confirming our role as the leading enabler of Norway’s payment infrastructure. We continue to make payments easier and more convenient, as well as safe and secure, for our customers’ end users. These collaborative partnerships, focused on product development, will ensure that the Nordics remain at the forefront of payments innovation.”  

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