Nordic banks to launch new payments infrastructure plan in 2019

Wednesday 18 July 2018 11:15 CET | News

A group of Swedish, Danish, Norwegian and Finnish banks have announced launching financial infrastructure for the pan-Nordic payment network.

Danske Bank, DNB, Handelsbanken, Nordea, OP Financial Group, SEB, and Swedbank count themselves among the banks involved in this decision. Their plan is to create an area for domestic and cross-border payments in multiple currencies (SEK, DKK, NOK and EUR). Based on open access and common European standards, the infrastructure will contribute to increased competition among payment service providers in the region.

According to Bloomberg, the P27 project – so-called for the 27 million people who live in Sweden, Norway, Denmark and Finland – will build on the success of smartphone payment applications that Nordic banks have already created, like Swish in Sweden, Norway’s Vipps, and MobilePay in Denmark.

Swedish Bankers’ Association officials have stated that banks and their customers may need to make changes to their technology setups to participate. According to Danske Bank, lenders behind P27 expect to have selected a company by the end of the year to help guide the project, with the first payments possible in 2019.

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Keywords: payments infrastructure plan, Sweden, Denmark, Norway, Finland, Danske Bank, DNB, Handelsbanken, Nordea, OP Financial Group, SEB, Swedbank, payment service providers, Swish, Vipps, MobilePay
Countries: World