Payment technology firm Mastercard has collaborated with P27 Nordic Payments Platform to build a real-time payments system across the Nordic markets.
P27 Nordic Payments Platform is an initiative by six major banks in the Nordics, including Danske Bank, Handelsbanken, Nordea, OP Financials Group, SEB and Swedbank. It was established to create one common state of the art payment platform in the Nordic countries.
Mastercard said that the partnership will connect people across the cluster of countries using multiple currencies.
Mastercard Europe president Javier Perez said: “This exciting partnership will build a world first in terms of a cross region and multi-currency faster payments area.
“It is also evidence of Mastercard´s vision to drive real choice by being the trusted provider of new payment experiences and broadening our reach into fast bank account payment flows.”
The real-time and batch multi-currency platform will replace the existing payment infrastructure to enable instant and secure payments at lower costs and increased competitiveness.
It also allows participants to send and receive funds immediately across the Nordic markets at a lower cost with higher security.
The platform will also help enhance economic growth and employment through supporting the development of new products, services and business models.
The new platform enables banks to have a real-time view of the multiple schemes that are running, participant information, balances across schemes, as well as add data-rich message set to explore new revenue opportunities.
In addition, the partnership will use the platform to further develop common products and services to better serve the clients.
P27 Nordic Payments Platform CEO Lars Sjögren said: “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.
“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.”