P27 has withdrawn its clearing license application

P27 has of today decided to withdraw its clearing license application from Finansinspektionen. 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.

-          We fully understand and endorse the high requirements and expectations which applies to us as a provider of critical payment infrastructure. We are now in a dialogue with our owner banks to evaluate the best options going forward. We have a strong banking community in Sweden that have always taken common responsibility to ensure a resilient and robust payment infrastructure, says Paula da Silva, CEO of P27.

In 2019, P27 set out on an ambitious journey to transform the Nordic payment markets and build the world’s first real-time cross-border payment platform.

-          Our vision was to provide a better payments infrastructure to the 27 million people living in the Nordics, with an optimistic timeline. Lately, it is evident that our vision was too ambitious and complex. Hence, we need to reassess our future ambition in the Nordic payments market, continues Paula da Silva.

P27 is the owner of Bankgirot and the two companies will continue to cooperate to make sure that the current payment infrastructure is operational as long as needed.

For further information, please contact:

Annica Strahner, Head of Communications

Phone: +46 723 22 52 50

e-mail: annica.strahner@nordicpayments.eu

About P27

P27 is a company owned by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB, and Swedbank. Our vision is to break down barriers for trade and financial interaction between the Nordic countries. P27’s mission is to make payments more efficient in the Nordic currencies and the Euro with a payment infrastructure for domestic and cross-border payments. Today P27 has 70 employees and offices in Stockholm, Helsinki and Copenhagen. Read more: www.nordicpayments.eu