Behind this transformation lies a growing need to manage larger volumes of data in a more structured and secure way. At the centre of the transformation is ISO 20022 – a new global standard reshaping how payment data is structured, shared, and understood.
Payment systems around the world are undergoing a major modernisation. The transformation covers three key areas:
- High Value Payments – large transactions between banks and high-value or urgent payments for corporations, managed by central banks.
- Commercial Payments – invoices, salaries, and transfers between businesses and individuals.
- Instant Payments – real-time transactions such as Swish. Operated 24/7
“This will enable more efficient business processes, better customer experiences, and stronger tools to combat financial crime. The global standard ISO 20022 plays a key role, serving as a unified language for payments that is now being adopted across products and infrastructure,” says Daniel Lexander.
In spring 2025, SEB and other market participants successfully completed three major Nordic central bank projects. These changes happened behind the scenes but are crucial for enabling interbank payments and transactions with the central bank.
“It’s like ‘plugging in new cables’ to the financial infrastructure – without the customers noticing. The fact that these projects were delivered without disruptions is a major milestone,” says Martin Ildring, Payment Roadmap lead.
SEB’s response to this development is Global Payment Platform (GPP). This is a modular platform that is flexible, scalable, and built to adapt to different markets and regulatory environments.
“The platform is already live, and several products have been onboarded. The platform’s reusable components make it easier to launch new services,” Ildring says.
European integration and Nordic coordination.
A clear trend is that national infrastructures are being replaced or integrated with European platforms. For example, several euro-zone countries now use the European Central Bank’s platform for high-value payments. Sweden’s central bank took a similar step regarding instant payments, with the launch of RIX-INST, based on the European TIPS platform. RIX-INST is the new settlement platform for Swish payments.
While SEB builds its internal platform, central banks and other financial institutions make similar investments. There’s a clear convergence in both standards and platforms. Nordic countries are now adopting TIPS (in Sweden, RIX-INST) as the instant platform. SEB has also participated in SEPA for payments in euros for more than a decade and, where relevant, converted Swedish payments to euros.
From P27 to national solutions
The original goal was to create a unified Nordic platform through the P27 initiative and the Nordic product standard – Nordic Credit Transfer.
“But changing regulatory requirements, increased security demands, and new stability expectations made that vision unfeasible. Instead, national solutions are now being developed with the same Nordic standard,” says Daniel Lexander.
Bankgirot is developing the new payment product in Sweden, while the Danish and Norwegian communities will have other partners when implementing the Nordic standard, Nordic Credit Transfer.
“We’ve already come a long way – with a new platform in operation, key milestones behind us, and a clear roadmap ahead. But the journey is far from over. Success will require continued focus, prioritisation, and collaboration – both within the bank and with our partners across the Nordics and Europe,” says Martin Ildring.