Mastercard and P27 Nordic Payments Platform to build regional real-time payments system
P27 Nordic Payments Platform (owned by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank) and Mastercard have announced a partnership to provide real-time and batch payments across the Nordic markets.
By working together, the partnership will connect people across the cluster of countries using multiple currencies. This ambition will transform how money moves for businesses, consumers, 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.
The underlying infrastructure is the first step that this partnership is establishing. Thereafter, there will be efforts in developing further common products and services based on the platform.
The demand from businesses and consumers around the world for instant and account to account payments is growing and this new payment infrastructure will put the Nordic markets at the forefront with an ecosystem that connects all bank accounts.
Businesses can take advantage of access to a wider network of customers and suppliers, and the seamless movement of money when paying or getting paid. This one interface will make it easier for banks to handle all payments – domestic, European and beyond.
For banks, this introduction of a new platform will also provide a real-time view of the multiple schemes that are running, participant information, balances across schemes and the addition of a data-rich message set, empowering participants to explore new revenue opportunities. The new payment platform is subject to regulatory approvals and final investment commitments.