25 Jun 2019 14:48

Partnership with Mastercard for Nordic payment platform

The bank-common P27 project, which aims to create a new, common payment infrastructure in the Nordic region, has established a partnership with Mastercard. The Nordic payment platform will be real-time payment system for cross border account to account payments.  

P27 Nordic Payments Platform is owned by SEB, Danske Bank, Handelsbanken, Nordea. OP Financial Group and Swedbank. The scope is to establish a modern, efficient and future proof solution that will replace the existing payment infrastructures in the Nordic countries.

The project will be carried out in partnership with Mastercard aiming at enabling instant and secure account to account payments at a lower cost than today.

“This is change for real. By joining forces across the Nordics we will be able to develop instant payment solutions in a way that each country never would accomplish by themselves. By sharing the costs between the Nordic countries, we will get a state of the art payment infrastructure in the Nordics with the highest standards when it comes to security and efficiency. This will boost innovation and growth in the Nordics”, says Lars Sjögren, CEOP27 Nordic Payments Platform.

Read pressrelease from Mastercard