P27 Nordic Payments initiative in doubt as application withdrawn

P27 Nordic Payments has decided to withdraw its clearing license application from Finansinspektionen.

P27 Nordic Payments initiative in doubt

The payments initiative, which won permissions from The European Commission to establish its pan-Nordic payments platform, said the prerequisites for building a new Nordic system critical payment infrastructure have changed since P27 was launched in 2019.

“New requirements and regulations have challenged P27’s operating model,” said an announcement.

The fact that P27 will not handle the Swish-flow in Sweden and the recent decision by the Danish banking sector to proceed with other payment solutions, has put the company in a new position.

“We fully understand and endorse the high requirements and expectations which applies to us as a provider of critical payment infrastructure,” comments Paula da Silva, CEO of P27.

“We are now in a dialogue with our owner banks to evaluate the best options going forward. We have a strong banking community in Sweden that have always taken common responsibility to ensure a resilient and robust payment infrastructure.”

In 2019, P27 set out on an ambitious journey to transform the Nordic payment markets and build the world’s first real-time cross-border payment platform.

“Our vision was to provide a better payments infrastructure to the 27 million people living in the Nordics, with an optimistic timeline,” continues Paula da Silva.

“Lately, it is evident that our vision was too ambitious and complex. Hence, we need to reassess our future ambition in the Nordic payments market.”

P27 is the owner of Bankgirot and the two companies will continue to cooperate to make sure that the current payment infrastructure is operational as long as needed.

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