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Contract on issuing services with Finnish bank OP not prolonged

Press release

​Finnish bank OP has decided to consolidate their issuing services with one vendor. This means that OP will not prolong the contract on issuing services with Nets when the new set-up is implemented which most likely will happen during 2020.

​OP has two vendors on issuing services in addition to running an in-house solution, and OP has now decided to consolidate a new set-up around issuing services with one vendor. The services delivered by Nets to OP that are affected by this decision primarily relates to card management on Visa credit cards, fraud management and issuer processing.

“It is natural for a bank like OP to consider consolidating their card portfolio with one vendor. This is something a number of banks do with Nets, but unfortunately not in this case,” says Susanne Brønnum, Executive Vice President and responsible for Financial & Network Services in Nets.

Nets and OP continue to have a strong relationship within other business activities like Merchant Services where Nets and OP recently signed a 10-year strategic partnership in conjunction with the acquisition of the OP merchant acquiring portfolio.

Jouko Pölönen, Executive Vice President from Banking at OP, said:

“Centralising the card issuing services in a single service provider is part of OP’s more extensive process of payment transformation. We have had a good partnership with Nets and will also continue it after this through acquiring services as we have previously announced.”

Nets will continue to operate the issuing services for OP until the new set-up has been fully implemented, which most likely will happen during 2020.