Bigbank strikes up partnership with Nets for payment processing

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Bigbank, a bank owned in Estonia, said it will work alongside the digital services and payment processing company Nets to improve the seamlessness of financial services.
  • The two firms will work together to provide a range of services, including the provision of digital PINs and access to major services such as Google Pay and Apple Pay, as well as tokenisation.
  • “As a frontrunner in the European payment service industry, Nets will enable our customers to improve their lives through seamless financial services,” said Martin Länts, who is the chief executive officer of Nets.

Bigbank, an Estonian owned bank, has confirmed that it will work alongside a digital services firm.

The bank, which offers customers financial products that are bespoke and tailored to their own needs, said that it will work alongside the payment processing and digital service company Nets.

Nets will offer issuer processing services and other digital provisions relating to cross-border payments.

In practice, this will look like tokenisation services as well as Apple Pay and Google Pay services.

The issue of virtual cards will also be on offer, as well as the provision of so-called ‘digital PIN’ services.

Dispute services will also be offered by Nets.

Bigbank is a financial services provider aimed at both corporate and private customers.

Loans and term deposits are also available at the bank, which already has a big footprint in Europe.

The bank operates primarily in markets such as Finland, Bulgaria and Sweden.

It also works in the cross-border deposits sphere in major European nations such as the Netherlands, Australia and Germany.

In a statement to the press, Martin Länts, the chief executive officer of Bigbank, said, “As a frontrunner in the European payment service industry, Nets will help enable our customers to improve their lives through seamless financial services.”

Länts also said that Nets would be able to help Bigbank scale its provision across the different constituent parts of the European markets.

“The benefits of scale and international reach that Nets provides will be invaluable as we grow our digital services offering across Europe,” he added.

For Nets, meanwhile, the chief executive officer of Nets Estonia AS and head of Baltic region added that the company had the capacity to help Bigbank reach some of its strategic goals.

Henrik Anker Jørgensen pointed out that the company offered a “modular and flexible” processing service.

“We are very much looking forward to providing Bigbank with our modular and flexible processing platform, helping them in their journey to become the digital financial service provider of choice in their European markets,” he added.

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