P27 Initiative

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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  
  • The banks have established P27 Nordic Payment Platform AB to be responsible for the operational activities in P27
  • As part of P27, banks will develop and offer joint products and services with a Nordic bill payment solution as first in line 
  • Read more about P27 Nordic Payment Platform AB here
Tino Kam, Head of Transaction Banking Product Management at Nordea

A Nordic collaboration 

P27 operational company was initiated in 2018 and is a joint venture between by 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 been set up with offices in Stockholm, Copenhagen and Helsinki. As a Swedish company, P27 NPP has applied for a clearing license from Finansinspektionen, the Financial Supervisory Authority.   

“P27 will be a true cross-country payments solution within the Nordics. Banks and financial services providers are already preparing for this change. It will be a very important step towards the real-time treasury” - Tino Kam, Head of Transaction Banking Product Management at Nordea.

What actions do you  need to take?

The ambition with the new payment infrastructure is to create a common and future-proof infrastructure in the Nordic region that makes it easier to send and receive payments. Initially, this does not mean any major changes for private customers as Bankgiro, Plusgiro, salary payments, pensions and grants and Swish work unchanged. Corporate customers with file communication will notice changes such as e.g. new file formats and improved downtime. The standard in the new infrastructure is ISO20022 XML. Nordea will inform you about any necessary changes. 

The first payments to be migrated to and processed via the P27 Clearing system will be Nordea Sweden’s payments in SEK already in Q1 2022. The full journey will however continue a few more years.