P27 - Nordic payment platform

P27 will enable real-time, batch, domestic and cross-border payments to be carried out quickly on a secure and versatile platform. The platform will initially allow payments to flow instantly between people and businesses in Denmark, Finland and Sweden. Norway is not part of the current scope, but the banking community is showing an increasing interest to join P27. 

One of the key principles in P27 is to harmonise and standardise payments. Thus, P27 is built on the ISO20022 format with the Nordic Payments Council (NPC) managing the Nordic payment schemes. The NPC is a non-profit member association combining four Nordic bankers’ associations, banks and payment institutions covered by the PSD2 directive.

Quick facts about P27

  • P27 is the initiative by six major Nordic banks, including Nordea, to establish a common clearing platform for payments in DKK, EUR and SEK.
  • The payment types cover domestic and cross-border payments, both instant and in batch format. 
  • As part of P27, banks will develop and offer joint products and services with a Nordic bill payment solution as first in line.

A Nordic collaboration

The P27 operational company was established in 2018 and is a joint venture between Nordea, Danske Bank, Handelsbanken, OP Financial Group, SEB and Swedbank. P27’s vision is to break down barriers for trade and financial interaction between the Nordic countries.

The operational company, P27 Nordic Payments Platform AB, has offices in Stockholm, Copenhagen and Helsinki. As a Swedish company, P27 NPP has applied for a clearing licence from Finansinspektionen, the Swedish Financial Supervisory Authority. 

Read more about P27 Nordic Payment Platform AB here.

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