P27 Nordic Payments Platform to acquire Bankgirot

Wednesday 7 October 2020 11:00 CET | News

P27 Nordic Payments Platform  has announced the acquisition of Bankgirot, a Sweden-based clearing house for mass payments.

P27 also revealed that in the short term, there will be no changes to Bankgirot as a result of this transaction. Businesses and consumers will be able to continue using Bankgirot services as before and it is business as usual for the employees at Bankgirot. 

Bankgirot is a proprietary clearing system (a giro) in Sweden used for account to account payments. Bankgirot is the only clearing house for mass payments in Sweden and as such has a central role in the Swedish payments infrastructure.

The acquisition is conditioned on regulatory approvals, including merger approval by the European Commission and ownership assessment by the Swedish Financial Supervisory Authority. P27 expects to be able to close the acquisition in Q1 2021.

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Keywords: acquisition, P27, Bankgirot, mass payments, account to account payments, payout, cross-border payments
Categories: Payments & Commerce
Countries: Scandinavia
This article is part of category

Payments & Commerce