Spar Nord Bank has been fined 1.5 million kroner (€200,000) for breaching the Danish Payments Act after unlawfully refusing to grant the payment institution Vexel access to its account services. The bank has acknowledged the violation and accepted the fine.
The case stems from a December 2024 ruling by the Danish Competition Council, which determined that Spar Nord Bank had infringed Section 63 of the Payments Act by denying Vexel access on grounds that were neither objective nor lawful. Following the Council’s decision, the matter was referred to the police, resulting in the current fine.
Under Section 63, Danish banks are legally obliged to provide payment institutions with access to essential account services on objective, non-discriminatory, and proportionate terms. The provision aims to ensure that payment institutions can operate effectively and compete with banks in the payments market.
Spar Nord Bank’s refusal was based on two stated reasons: Vexel’s business model allegedly fell outside Spar Nord’s business strategy; and Vexel engaged in financial activities that Spar Nord viewed as directly competing with its own operations.
The Danish Competition and Consumer Authority (DCCA) found that the first justification lacked objective grounds, while the second was in direct conflict with the Payments Act, which expressly prohibits banks from denying access on the basis of competitive activity.
Commenting on the case, Michael Høg Riis, Head of Office at the DCCA, emphasized the importance of competition in the payments sector:
“You need to be able to pay easily and cheaply – and in this context, competition is absolutely crucial. The rules oblige banks to give payment institutions access to the banks’ account services, precisely so that payment institutions can actually compete with banks, among others. In this specific case, Spar Nord has rejected a payment institution, among other things, on the grounds that it is running a competing business, and this is clearly illegal.”
While the Payments Act permits banks to terminate relationships with payment institutions under certain circumstances—such as non-compliance with anti-money-laundering obligations—any such action must still meet the statutory standards of objectivity, non-discrimination, and proportionality.
The fine against Spar Nord underscores the Danish authorities’ ongoing commitment to ensuring fair access and effective competition in the payments market, safeguarding both innovation and consumer choice.
