DNB, Eika Gruppen to expand agreements with Nets

Payment service provider Nets has announced expanding its contracts with DNB and Eika Gruppen, a strategic alliance of 69 Norwegian banks.

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. 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 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 upgraded payment and card services.

Nets is a Norway-based PSP that focuses on offering services such as digital payments, account2account, direct debit, e-security, innovation, co-creation, blockchain, and mobile payments to financial institutions, businesses and merchants.