Bigbank Picks Nets For Digital B2B Payments Services

Bigbank has picked payments services provider Nets to run products, including virtual cards and mobile payments, Nets announced Friday (July 2).

Bigbank is based in Estonia and primarily serves corporate and individual customers in nine countries, including Estonia, Latvia, Lithuania, Finland, Sweden and Bulgaria, the announcement stated.

Denmark-based Nets, according to the announcement, will provide services including tokenization to grant access with access to Google Pay and Apple Pay. Nets will also provide fraud and dispute services, state-of-the-art card personalization and customer services to Bigbank, per the announcement.

“As a frontrunner in the European payment service industry, Nets will help enable our customers to improve their lives through seamless financial services,” said Martin Länts, Group CEO of Bigbank. “The benefits of scale and international reach that Nets provides will be invaluable as we grow our digital services offering across Europe.”

Henrik Anker Jørgensen, CEO of Nets Estonia and head of company operations in the Baltics, added, “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.”

Nets is part of Italy’s Nexi Group as the result of a deal approved in March 2021 by the European Commission.

PYMNTS reported at the time that the “two rivals offer competing but complementary solutions: Nets specializes in merchant acquiring services, point-of-sale (POS) terminals and card processing and Nexi provides payment services for merchants, cardholders and banks.”

Announcing its approval on March 9, 2021, the European Commission stated, “The Commission concluded that the proposed acquisition would raise no competition concerns given, on the one hand, the limited horizontal overlap between the companies’ activities and, on the other hand, the limited vertical effects resulting from the combination of the activities of Nexi and Nets.”