Global interoperability and the value of P27
P27 also has the potential to enable global interoperability as it’s based on the global ISO standard.
“P27 will ensure our payments services have a 100 percent reach, not only in the Nordics, but that our customers can reach people and merchants globally,” says Tino.
This will open up new benefits for Nordea, as well as its corporate customers, consumers, and society as a whole.
On the corporate side, Kam believes P27 will facilitate the creation of value-added services, especially when it comes to expanding e-commerce and cross border flows. This will in turn make it easier for businesses to expand domestically and internationally by providing payments that are “low cost, low risk, and instant.”
For consumers, P27 has the potential to spawn more instant digital banking services, in multiple currencies and across borders, making cross-border, cross-currency payments as “fast and easy” as domestic mobile payments are today.
“The true value of P27 is what we can add on top,” says Tino.
Note: P27 is still in a preliminary stage, and the establishment of P27 is subject to regulatory approvals and requirements.