Katrine Mitens

P27 Nordic Payments Platform AB, which was established as a joint Nordic bank project in 2017, expects to launch its payments platform in 2021. To facilitate the launch and cover up the costs until it achieves financial stability, owners of the platform have entered into an agreement to financially support the company until its expected launch in 2021.

The Nordic real-time payments platform was developed in collaboration with Nordic banks including Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank and aimed to provide an integrated, cross-border payments system for the 27 million people in the Nordic region. According to the company, the banks are in the process of signing a shareholders’ agreement for financial commitment to the platform until its expected rollout date.

“The P27 project aims to provide a future proof infrastructure that will enable faster adaptation to new technologies and help the Nordic countries to maintain their position as some of the world’s most digital societies. It will contribute to harmonizing payment standards across the Nordics, modernize the payment capabilities and enable instant payments, both domestic and cross-border for Nordic currencies,” said Katrine Mitens, Head of Payments & New Ventures, Danske Bank.

P27 aims to facilitate real-time, batch, domestic and cross border payments and is expected to enable initial direct payments flow in countries of Denmark, Finland, and Sweden followed by its expansion across the rest of Nordics. The platform will provide improved access to new markets, provide potential to leverage transactional data for reconciliation processes and enable security and fraud prevention in payments.

Lars Sjögren, CEO of P27 Nordic Payments Platform AB commented, “P27 will become the world’s first integrated domestic and cross border real-time payments platform. The Nordic banking sector already has a leading position in Europe, and P27 will help further expand and consolidate this position. Today’s decision from all of our owners demonstrates their commitment, belief, and support.”

Recently, P27 Nordic Payments Platform partnered with Mastercard for providing real-time and batch payments across the Nordic market.

by Megha Bhattacharya
Market Analyst at IBS Intelligence