News from the Wire

BOKIS and Nets enter into new five-year agreement

Thursday, November 14, 2019 — 14:44:42 (EST)

14th November 2019 – BOKIS, a Danish payment and card company representing 57 domestic banks, and Nets, a market leader in the payments industry, have entered into a new five-year agreement. This means that BOKIS member banks will continue to issue and process the Danish domestic card, Dankort. Additionally, the companies have renewed their processing agreement for international payment cards.

BOKIS represents Sydbank, Spar Nord Bank, Arbejdernes Landsbank and Nykredit Bank, as well as 53 local, savings and cooperative banks in Denmark, the Faroe Islands and Greenland. Together they represent about 45 percent of the Danish payment card market.

Jan Kondrup, CEO, The Association of Local Banks and BOKIS says: “This agreement confirms our ongoing commitment to Dankort. The domestic card is the Danes’ preferred means of payment, and as such we will continue to support it."

Søren Nicolaisen, CEO of National Banks, BOKIS adds: “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.”

The new agreement will take effect in January 2020.

Agreement on international cards extended

Dankort is just one element of the collaboration, which also includes international payment card processing. This agreement, which has been renegotiated and extended by an additional three years, includes fraud management and dispute services.

Bo Nilsson, Group CEO, Nets comments: “We are pleased that BOKIS has chosen to extend our previous agreements on Dankort and international payment card processing. With this continued collaboration, we have a solid platform for offering new, innovative solutions that will benefit the customers of the BOKIS banks.”

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Source: Company press release.