Denmark-based payments group Nets has entered into a new five-year agreement with domestic card and payment company BOKIS.
The partnership will enable BOKIS member banks to continue the issuance and processing of the Dankort card. The new agreement will be effective from January next year.
BOKIS represents Sydbank, Arbejdernes Landsbank, Nykredit Bank and Spar Nord Bank. Also, the company represents 53 local, savings and cooperative banks in Denmark, the Faroe Islands and Greenland.
These banks are said to constitute nearly 45% of the payment card market in Denmark.
BOKIS CEO of National Banks Søren Nicolaisen said: “We are pleased that our ongoing collaboration with Nets is delivering a very competitive agreement for small and mid-sized payment institutions.
“The payments market is developing rapidly, and it is hard to make predictions about the future, but our starting point is that we must offer consumers their preferred payment solutions.”
In addition to the domestic Dankort card, Nets and BOKIS extended their processing agreement for international payment cards by another three years.
The agreement for international cards also covers fraud management and dispute services.
Nets group CEO Bo Nilsson said: “With this continued collaboration, we have a solid platform for offering new, innovative solutions that will benefit the customers of the BOKIS banks.”
In August this year, Nets agreed to divest some of its businesses to Mastercard. The deal includes clearing and instant payment services and e-billing solutions under Nets’ Corporate Services business.