08 Oct 2019 08:28

Next step for creation of Nordic Payments Platform

The next step is now being taken towards the creation of the P27 Nordic Payments Platform. SEB and the platform’s other owner-banks have reached an agreement that will serve as the foundation for realising the Nordic region’s first payment system for real-time payments. 

SEB, Danske Bank, Handelsbanken, Nordea, OP Financial Group and Swedbank have agreed on a business plan and have signed a shareholder agreement under which they have committed themselves to bearing all costs until the newly formed company can stand on its own feet, which is expected to take place in 2021.

P27 (which refers to the 27 million inhabitants of the Nordic countries) will enable domestic and multi-currency real-time payments at a low cost on a secure and flexible platform.

“P27 will be the world’s first integrated platform for domestic and multi-currency payments,” comments Lars Sjögren, CEO of P27 Nordic Payments Platform AB. “The Nordic banking sector already holds a leading position in Europe, and P27 will help further consolidate this position.”

Initially the platform will allow instant payment flows between private persons and companies in Sweden, Denmark and Finland, although it is designed to also be able to include payments in the entire Nordic region.

“This Nordic initiative was begun in 2017. Support from the owners has been strong since the start, and today’s agreement confirms that this support remains unchanged,” says Paula da Silva, Chair of the company’s board.

Read pressrelease from P27