Sweden-based Ikano Bank has selected Danish payment service provider Nets to provide a full-scale lending platform and card issuer processing services.
Under the four-year contract, Nets will deliver a full-scale lending platform to support the Swedish bank’s consumer finance services in all markets.
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The bank has operations in Nordics, UK, Germany, Poland and Austria.
The latest deal extends the company’s existing card processing relationship with the Swedish bank.
Ikano Bank products head Peter Axemo said: “We chose to build on our existing relationship with Nets because it offers a simple, innovative and competitive solution that would support the evolving needs of our customers.”
With the deal now executed, the product implementation phase can commence.
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By GlobalDataIt is expected that the first accounts and products to Ikano Bank’s clients will be launched in the fourth quarter of this year.
Nets issuer and eSecurity services CEO Torsten Hagen add: “By consolidating our range of services under an innovative commercial model we will enable Ikano Bank to grow in both existing and new geographies through utilising Nets’ modern, digital and open technologies.
“Our goal is to help issuers like Ikano Bank refocus their valuable internal resources on core business objectives, unburdened by complexity and the weight of making it all work together.”
Last month, Nets acquired Finnish firm Poplatek and its spin-off company Poplapay to bolster payment terminal service capabilities.
In the same month, Finnish fintech Bankify partnered with Nets to enhance open banking.
