P27 - Nordic payment platform

Update: P27 decided to withdraw its clearing license application

The prerequisites for building a new Nordic system critical payment infrastructure have changed since P27 was launched in 2019. New requirements and regulations have challenged P27’s operating model. The fact that P27 will not handle the Swish-flow in Sweden and the recent decision by the Danish banking sector to proceed with other payment solutions, has put the company in a new position.

The existing payment infrastructure in Sweden still needs to be updated. BGC is based on an outdated technology and a new modernized payment infrastructure needs to be in place. How and when remains to be seen, but operations will be maintained until new solution are implemented

The  migration to a new file format the ISO20022 standard is proceeding according to plan and is not affected by what's happens to P27

P27 and Bankgirot have now started a joint project and the scope for the project is

Create a target state for a future payment infrastructure, determine what is required and plan for a final delivery - long term.  Identify market requirements to ensure that current payment infrastructure remains operational for as long as needed.

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

One of the key principles in P27 was 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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