Today, only customers of the Norwegian bank DNB have the opportunity to get the money right away when someone makes a transfer in the payment app Vipps. If the money is transferred to an account in another bank, it won't get there until the next settlement between the banks which might not take place until the next day.
Rune Garborg, CEO of Vipps says: "Using the common infrastructure for instant payments will eventually make it possible to transfer money in real-time for consumers in all Norwegian banks, but in first phase only the 100 banks involved in Vipps will have this opportunity. When making this agreement it was also important for us to find a partner with experience and credibility regarding processing of payment transactions in Norway."
Both Vipps and Nets have started the adjustments to their systems making instant payment available in the popular wallet. It is expected that the first banks involved in Vipps, will have made the necessary developments that will make real-time payment possible before year-end.
Jeppe Juul-Andersen, Senior Vice President responsible for Domestic cards schemes in Nets says: "With this agreement we will be able to use the best of two worlds. We will reuse most of the existing infrastructure we already have delivered with both efficiency and stability for several years, and make the necessary adjustments for future needs. We are looking forward continuing and expanding the good corporation with Vipps and their ownership banks."
For further information, please contact
Søren Winge, Head of Press Relations, Nets
Tel. +45 29 48 26 46 E: email@example.com