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BOKIS, Nets enter new long-term agreement

Tuesday 20 December 2022 08:56 CET | News

Denmark-based payment and card company BOKIS have entered a new long-term agreement with Nets, part of the Nexi Group, to issue payment cards across Denmark.

 

As per information provided in the company’s press release, the new agreement is set to run until 31 December 2029, and as part of it, BOKIS member banks are to continue with issuing and processing the Danish domestic card, Dankort, as well as international payment cards though Nets. 

The BOKIS co-operative includes domestic banks of the likes of Sydbank, Spar Nord Bank, Arbejdernes Landsbank and Nykredit Bank, as well as 46 local, savings, and co-operative banks in Denmark, the Faroe Islands, and Greenland, these banks representing together approximately 45% of the Danish card payment market. 

Details on what the BOKIS, Nets collaboration entails

Speaking on the announcement, BOKIS officials advised that by having prolonged the Nets’ collaboration in times when the payment market is rapidly developing, the enterprise’s member banks are enabled to offer their consumers payment solutions that are both modern and reliable in a cost-efficient manner. 

Representatives of the Association of Local Banks and BOKIS added that Nets has been a professional business partner of the co-operative for many years. Following this announcement, the agreement is to be extended by an additional five-years period and highlights the company’s commitment towards entering a long-term agreement which is set to ensure their member’s security of supply, in addition to high-quality digital services and maintenance, which includes an increased focus on fraud management and dispute services, as per press release information. 

Denmark-based payment and card company BOKIS have entered a new long-term agreement with Nets, part of the Nexi Group, to issue payment cards across Denmark.

With the agreement having been extended, the collaboration covers both Dankort and international payment card processing, as well as other additional services. Nexi Group Issuing Solutions spokesperson added that with BOKIS having chosen to extent their previous agreement on Dankort and international payment card processing, Nets will provide their extensive digital expertise, as well as modern, flexible, and secure card solutions to benefit BOKIS banks’ customers. Furthermore, will also provide local knowledge from its Danish customer team, with the new agreement set to take effect in January 2023. 

A ‘Payment and Card Purchasing Co-Operative, BOKIS was founded in 2014 and, through joint initiatives, the company ensures that the banks in the BOKIS co-operative are equipped with solutions that meet the end-user’s needs, conform to future payment system requirements, and comply with regulatory requirements.  

BOKIS oversees the procurement, development, and maintenance of card and payment solutions, looking to work continuously on improving and optimising the payment infrastructure and prevent card-based payment fraud. 

The company has concluded joint agreements with entities of the likes of as MobilePay, Apple Pay, Google Pay, Garmin Pay, and Fitbit Pay, as well as with Mastercard, Visa, and Nets for Denmark’s national debit card, the Dankort, and its underlying payment infrastructure. 

Nets is part of Nexi Group, the European paytech with scale, capabilities, and geographic reach thought necessary to drive the transition to a cashless Europe. The company is committed to supporting people and businesses of all sizes and transforming how people pay and businesses accept payments. It simplifies payments and provides innovative and reliable solutions to enable businesses and financial institutions to better serve their customers, build closer relationships, and to grow together.

For more information about Nexi Group, please check out their detailed profile in our dedicated, industry-specific Company Database.


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Keywords: partnership, payments , payment methods, card scheme, Issuer, fintech
Categories: Payments & Commerce
Companies: BOKIS, Nets, Nexi
Countries: Denmark
This article is part of category

Payments & Commerce

BOKIS

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Nets

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Nexi

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