PBS, a Denmark-based provider of e-payment solutions, has received a contract to process all transactions executed with cards issued in Germany by Ikano Bank, a Luxembourg-based bank. As a result, PBS will henceforth handle virtually all of Ikano Bank’s card transactions in Northern Europe.
In 2007, Ikano Bank and PBS entered into an agreement for PBS to support Ikano’s card business in the countries where Ikano Bank operates. The agreement centralizes the processing of Ikano’s card transactions and consequently enhances the bank’s efficiency.
Most recently, PBS added Germany to its existing solution, which will now enable PBS to process card payments for Ikano Bank in Denmark, Sweden, Norway, Finland and Germany.
Ikano Bank’s primary business area is issuing debit and credit cards, either private label cards or co-branded cards (e.g. VISA or MasterCard) in cooperation with its business partners.
Flemming Druedahl, CIO of Ikano Bank, said: “The close partnership with PBS provides us with the most efficient processing of our card transactions. It is a logical step for Ikano Bank to partner with PBS in the important German market.”
Pedram Tadayon, vice president at PBS, said: “At PBS, we will continue to efficiently support Ikano Bank in its strategic expansion. We will follow Ikano Bank to any new markets where the bank aspires to establish itself.”