EU approval marks major milestone for realising a pan-Nordic real-time payments infrastructure
P27 Nordic Payments has today secured merger approval from the EU Commission to establish its pan-Nordic payments platform. This is a major milestone in creating one common payments infrastructure throughout the Nordics. The P27 platform will enable domestic and cross-border payments in real-time, in batches and in multiple currencies.
The merger approval from the EU Commission is crucial for P27 in many ways. It enables P27 to start preparing for onboarding customers in Denmark, Finland and Sweden. It enables P27 to complete the acquisition of Bankgirot in Sweden and proceed with the transformation of the Swedish payments infrastructure together with Bankgirot. The merger approval also means that P27 can proceed with the preparations for pan-Nordic payments services and products, such as the Nordic bill payments service (one pan-nordic alternative to the current request to pay and direct debet solutions in the Nordics).
Lars Sjögren, CEO of P27, comments:
“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.”
Martin Andersson, Chairman of the P27 board, comments:
“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.”
P27 is a joint payments project between six of the largest banks in the Nordics: Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank. The project started in late 2018 and has been run as a jointly owned company by the founding banks since 2019 in order to design and plan the pan-Nordic payments platform. The goal is to create the world’s first digital platform that will allow businesses and consumers to make domestic and cross-border payments in real-time, in batches and in multiple currencies to one another. The platform is intended to serve the 27 million people living in the Nordic region, which is where name P27 comes from.
P27 Nordic Payments Platform
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