The new pan-Nordic payments platform is expected to support the creation of a single, common payment infrastructure across the Nordic region
Flags in front of the European Commission building in Brussels. (Credit: Sébastien Bertrand/Wikipedia.)
P27 Nordic Payments has received the European Commission (EC) merger approval to establish the pan-Nordic payments platform.
The new pan-Nordic payments platform is expected to support the creation of a single, common payment infrastructure across the Nordic region.
The platform is a joint payments project between six large banks in the Nordics, including Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank.
It is anticipated to enable domestic and cross-border payments in real-time, in batches and multiple currencies.
P27 CEO Lars Sjögren said: “This is a major milestone for P27. Over the past three years, we have been building a platform that will transform the payments infrastructures in the Nordics.
“Our platform will enable domestic and cross-border payments in real-time, in batches and in multiple currencies throughout the Nordic region.”
P27 said that the merger approval from EC plays an important role by enabling it to start preparation for onboarding customers in Denmark, Finland and Sweden.
The platform enables P27 to close the acquisition of Bankgirot, a transaction clearing system in Sweden, and advance the transformation of the Swedish payments infrastructure.
Also, the merger approval would support the payment initiative’s pan-Nordic payments services and products, including the Nordic bill payments service.
Nordic bill payments service is a single, pan-Nordic alternative to the current request to pay and direct debit solutions in the Nordics, said the P27.
P27 board chairman Martin Andersson said: “The EU Commission’s merger approval means that we are now a major step closer to realising our vision.
“We are excited to start preparing for on-boarding clients in Denmark, Finland and Sweden, and also to proceed and complete the acquisition of Bankgirot in Sweden.”
In June last year, payment technology firm Mastercard has partnered with P27 Nordic Payments to build a real-time payments system across the Nordic markets.