Norwegian banks expand deals with Nets

Nets has announced expanded contracts with Eika Gruppen, a strategic alliance of 69 Norwegian banks, and DNB, Norway’s largest bank. Eika has agreed a seven-year framework agreement with Nets, increasing its card processing remit to include an array of 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 is designed to bring process and cost efficiencies to both the banks and their customers.

DNB’s 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.