Nordic banks reveal business plan for single payments platform P27

Monday 14 October 2019 11:37 CET | News

The six Nordic bank owners of instant payment system P27 have agreed to invest in the company until it becomes financially sustainable.

Danske Bank, Nordea, Swedbank, Handelsbanken, SEB and OP are teaming up to serve the region’s 27 million people, creating an integrated domestic and cross border real-time payments platform, which paves an important step for trade between Nordic countries.

P27 will see the banks create a single payments platform and allow instant cross-border payments within the region, in a bid to uplift local business. It’s predicted by the company’s owners that P27 will become financially viable by 2021.

Currently trade between the five Nordic countries – Denmark, Finland, Iceland, Norway and Sweden – accounts for 25% of the region’s total GDP, P27 representatives have told Reuters.

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Keywords: Nordic banks, Danske Bank, Nordea, Swedbank, Handelsbanken, SEB, OP, P27, instant payments, banking network, Denmark, Finland, Iceland, Norway, Sweden, Europe
Countries: World

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