P27 Nordic Payments Platform to build first real-time payments system across the region

The P27 Nordic Payments Platform (owned by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank) have announced a partnership with  Mastercard to provide real-time payments across the Nordic markets.

P27 Nordic Payments Platform to build first real-time payments system across the region

The partnership will connect people across the cluster of countries using multiple currencies. The ambition being to transform how money moves for consumers, businesses, society, and the payments industry itself.

This major investment programme is a world first in terms of a real-time and batch multi-currency platform and will replace the existing payment infrastructure, enabling instant and secure payments at lower costs and increased competitiveness.

Participants will be able to send and receive funds immediately across the Nordic markets at a lower cost and with higher security.

Adding to the speed and convenience of bank account to account payments across the region this will not only offer people greater choice and opportunity, it will improve economic growth and employment by enabling new products, services and business models to develop.

“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,” says Lars Sjögren, CEO P27 Nordic Payments Platform.

“By sharing the costs between the Nordic countries, we will get a state of the art payment infrastructure in the Nordics with the highest standard when it comes to security and efficiency; further boosting innovation and growth in the Nordics.”

The new payment platform is subject to regulatory approvals and final investment commitments.

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