Following a competitive tender process, Ikano Bank, an international consumer finance bank, has chosen Nets, a European payment services provider, to provide a full-scale lending platform, issuer processing and related services. The four-year contract significantly extends Nets’ existing card processing relationship with Ikano Bank and reflects Nets’ continued expansion to support banks and issuers across Europe.
Under the terms of the contract, Nets will provide a full-scale lending platform to support Ikano Bank’s consumer finance services in all markets.
Peter Axemo, Head of Products, Ikano Bank comments: “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. Nets worked hard to tailor an end-to-end solution specifically to Ikano Bank’s needs.”
Torsten Hagen Jørgensen, CEO of Issuer and eSecurity Services, Nets adds: “This expanded partnership is an important milestone for Nets’ expansion into Europe. 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.”
With the contract now signed, the product implementation phase can begin, with the aim of launching the first accounts and products to Ikano Bank’s customers in autumn 2020.