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.
What does P27’s partnership with Mastercard mean for consumers and other businesses?
P27 Nordic Payments Platform and Mastercard have announced a partnership to provide real time and batch payments across the Nordic markets. The partnership will create an efficient payments platform across the Nordics, across multi currencies, and connecting people in one regional payment area. This major investment program is a world first in terms of a real time multicurrency platform and will replace existing payment infrastructure, enabling lower costs, higher security and enhanced competitiveness.
It will also in the long run cater for new services for merchants and consumers. Our cooperation with Mastercard means that we will develop the underlying infrastructure together as a first step. A second step will be the development of new, joint products and services based on the platform.
When is P27 expected to go live?
The first transaction is expected to take place in 2021.