OP and Nets signed today an agreement whereby OP will sell its portfolio of agreements and POS terminals of acquiring and POS terminal services to Nets specialising in providing digital payment services. OP will continue its cooperation with Nets and will act as the sales partner for the services concerned.
Acquiring and POS terminal services enable merchants to accept card payments as a payment method for purchases.
- By selling the merchant acquiring business to Nets, we ensure that we can offer our banking customers a competitive product offering in the long term. Merchant acquiring is an increasingly specialist area that requires scale and investment in order to stay ahead of the market. Nets is the largest merchant acquirer in the Nordic region with local presence in Finland and we are confident that Nets continues to be the right partner for OP and our customers, says Jouko Pölönen, Executive Vice President, Banking.
As a result of the transaction, OP will transfer acquiring and payment terminal service agreements of some 15,000 merchants to Nets. OP and Nets have been in cooperation in the services to be sold since 2011.
- We are looking forward to the continuation and intensification of the cooperation between OP and Nets and to offer better payment solutions for OP's merchant customers. Both OP and Nets are strongly committed to developing services further, says Bo Nilsson, CEO of Nets.
The transaction will be enforced during 2017. The transfer of the agreements from OP to Nets will have no effect on card users, and at this point requires no action on the part of merchant customers. All services work just like before. Nets and OP will provide merchants with more information about the practicalities related to the transfer of the agreements in the course of the spring and summer. For consumers, card payments will remain unchanged. The transaction will not involve transfer of OP's employees to Nets but those who have worked for acquiring and payment terminal services will remain on OP's payroll.
Additional information for merchant customers:
OP Acquiring Service Business Change Support, tel. 0100 0550, weekdays 8 am-10 pm, local network charge
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