The Danish Competition Authority, led by Chairman Christian Schultz, emphasizes the importance of competition in ensuring that payments are conducted efficiently and affordably. The authority oversees compliance with the payment law, which is designed to allow payment institutions to compete with banks.

Spar Nord Bank has refused to grant Vexel access to its account services, a requirement under the payment law. This refusal is deemed illegal as it violates the stipulation that payment institutions must have access to bank account services on objective, non-discriminatory, and proportional terms.

In its refusal, Spar Nord Bank stated that Vexel's business model falls outside its strategic focus on corporate clients and involves competing financial services. However, the Competition and Consumer Authority argues that this condition contradicts Section 63 of the payment law, which mandates access for payment institutions.

The law was established to ensure the survival of payment institutions and to enhance competition in the payment market. The authority also points out that Spar Nord Bank's requirement for Vexel's business model to align with its own strategy lacks objectivity, as the bank has not disclosed the criteria for such alignment.

While banks can terminate relationships with payment institutions under certain conditions, such actions must still comply with the principles of objectivity, non-discrimination, and proportionality.