News

Nets inks expanded payment agreements with Norwegian banks

February 28, 2019

Payments provider Nets has signed expanded contracts with Eika Gruppen, an alliance of 69 Norwegian banks, and DNB, Norway's largest bank, cementing the company's position as the largest card processor in the Nordics, according to a press release.

Eika has agreed to a new seven-year framework agreement with Nets, increasing its card processing remit to include new value-added payment and card services. Nets will play an active role in product development with Eika, the release said.

The agreement will provide economies of scale for the member banks, particularly in regard to fraud and dispute services, which will be increasingly automated and AI-enabled. Additionally, Nets' digitized workflows will offer process and cost efficiencies to both the banks and their customers, according to the release.

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

Nets said that its new framework agreement with DNB expands the company's scope beyond card processing and payment services to include joint innovation and value-added payment and card services.

"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," Thomas Jul, Nets group executive vice president of financial and network services, said in the release. "These collaborative partnerships, focused on product development, will ensure that the Nordics remain at the forefront of payments innovation."