Mastercard, P27 Nordic Payments Platform to build real-time payments system

Tuesday 25 June 2019 14:30 CET | News

P27 Nordic Payments Platform and Mastercard have announced a partnership to provide real-time and batch payments across the Nordic markets.

P27 Nordic Payments Platform is owned by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB, and Swedbank. By working together, the partnership will connect people across the cluster of countries using multiple currencies.

This investment programme will replace the existing payment infrastructure, enabling streamlined payments at lower costs and increased competitiveness. Participants will be able to send and receive funds immediately across the Nordic markets. Moreover, this partnership aims to support economic growth and employment by enabling new products, services, and business models to develop.

The underlying infrastructure is the first step that this partnership is establishing. Thereafter, there will be efforts in developing further common products and services based on the platform. The new payment platform is subject to regulatory approvals and final investment commitments.

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Keywords: P27 Nordic Payments Platform, MasterCard, partnership, real-time payments, batch payments, The Nordics
Countries: World