P27 Nordic Payments Platform Teams With Mastercard

Mastercard and P27 Nordic Payments Platform have teamed up to provide the Nordic market with a real-time and batch payments system, according to a release by the company.

“By working together, the partnership will connect people across the cluster of countries using multiple currencies. This bold ambition will transform how money moves for consumers, businesses, society and the payments industry itself,” Mastercard said in the release. “This major investment (program) is a world first in terms of a real-time and batch multi-currency platform and will replace the existing payment infrastructure, enabling instant and secure payments at lower costs and increased competitiveness. Participants will be able to send and receive funds immediately across the Nordic markets at a lower cost and with higher security.”

The addition of the system to the region will add to the speed and convenience of banking, Mastercard said, and more products and services based on the platform will be added in the future.

Javier Perez, president of Mastercard Europe, said he’s excited about the partnership.

“This exciting partnership will build a world first in terms of a cross region and multi-currency faster payments area. It is also evidence of Mastercard’s vision to drive real choice by being the trusted provider of new payment experiences and broadening our reach into fast bank account payment flows,” he said. “The Nordic markets are global leaders in the development and usage of electronic payments, and this new infrastructure will maintain their advantage over the rest of the world.”

The CEO of P27 Nordic Payments Platform, Lars Sjögren, said the new system will be good for the region.

“This is change for real. By joining forces across the Nordics, we will be able to develop instant payment solutions in a way that each country never would accomplish by themselves,” he said. “By sharing the costs between the Nordic countries, we will get a state-of-the-art payment infrastructure in the Nordics with the highest standard when it comes to security and efficiency, further boosting innovation and growth in the Nordics.”

P27 Nordic Payments Platform is owned by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank.