Making the future of
payments come true

P27 is a company owned by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank. P27s vision is to break down barriers for trade and financial interaction between the Nordic countries. P27s mission is to make payments more efficient in the Nordic currencies and the Euro with a payment infrastructure for domestic and cross-border payments. An open-access and common infrastructure will bring further harmonization to the European payments landscape.

Simplified payments and lower costs

P27 will enable real-time, batch, domestic and cross-border payments to be carried out quickly and at low cost on a secure and versatile platform. The platform will initially allow payments to flow instantly between people and businesses within the countries of Denmark, Finland and Sweden, something that will benefit growth and development in the region. The platform will be designed to be expandable to allow for payments across the rest of the Nordics as well, which will contribute to the strengthening of the Nordic payment’s ecosystem.

Beneficial for society as a whole

Efficient means of payments are crucial for the integration of financial services as well as the economy as a whole. By developing common Nordic standards for payments, P27 will provide tangible benefits for the Nordic societies like increased trade, growth and employment as well as improved foundation for innovation.

Cross-border payments – as easy as sending a text message

The vision of P27 is to establish, within the Nordics, the first integrated region for domestic and cross-border payments in multiple currencies. Secondly, by aligning its standards with those of Single Euro Payments Area and applying to payments in the eurozone, P27 will bring further harmonization to the European payments landscape.

P27 is a joint initiative by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank, exploring the possibility of establishing a pan-Nordic payment infrastructure for domestic and cross-border payments in the Nordic currencies and the Euro. The P27 name derives from the project’s aim to improve payments for the 27 million inhabitants in the Nordics.

An open-access and common infrastructure will deliver a state-of-the-art payment experience to customers across the Nordics, as well as provide a foundation for future developments.

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Frequently answered questions are better than frequently asked questions

What is P27?

P27 is a partnership between several leading banks in the Nordic region with the goal of creating the world’s first digital platform that will allow businesses and consumers to make real-time, cross-border payments to one another. The platform is intended to serve the 27 million people living in the Nordic region, which is where name P27 comes from.

What does the ownership structure look like in P27?

P27 is a joint project between six of the largest banks in the Nordics: Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank. The ownership of P27 is divided equally among these owner banks.

Why have the banks initiated this project?

The Nordic banks have a long tradition of innovation and developing solutions benefitting the consumers. Examples include Bankgirot, Vipps, MobilePay, NemID, Bank-ID and Swish, which all are successful projects developed through joint bank projects. Additionally, the banks have the resources and the competence to realise a project of this size.

Why did P27 emerge in the Nordics?

The Nordics have long been on the leading edge of digital innovation, including online banking and cashless payments. Banks in the region also have a long tradition of innovation and cooperation. Thus, P27 can be seen as an extension of this tradition of technological innovation and cooperation, where we connect our collective resources, competence, and ambition to create a platform that really will transform payment experience for everyone in the region.

Why is there a need for a platform like P27?

Because making cross-border payments should be as easy as sending a text message. The world is increasingly digital and mobile – and that evolution has huge benefits for both businesses and consumers. But not all of those benefits have been realized yet, especially when it comes to payments.

We believe P27 will revolutionize payments in the Nordics. And we view the platform as being on the leading edge of a paradigm shift in how money moves around the world.