P27: The Nordic’s First Cross-Border Payment in Multiple Currencies
New banking transformations are continuously underway in the Nordics, where new means of efficient payments will be more crucial than ever before.
A joint initiative by various banks across the Nordics will surface new possibilities to establish a pan-Nordic payment infrastructure and break down barriers for domestic and cross-border payments in multiple currencies in the Nordic countries, starting this year in 2021.
The new initiative, known as P27, will enable payments to be quickly made in real-time between people and businesses within the countries of Denmark, Sweden, Norway and Finland on one common payment platform. The name P27 is derived from the company’s mission to optimize payments for the 27 million inhabitants living within the Nordics, however, it is planned to be expendable to allow payments to be made across other regions in the Nordics as well including Europe.
"The Nordic countries have been far ahead a lot of other regions and countries for many years when it comes to payment solutions," says Emil Hågensen, Product Manager for Payments at Banqsoft.
"However, because of the robustness of these now old solutions from previous years, we have been very hesitant to do any massive changes. The problem with this is that now, in 2021 we are falling behind, and the legacy clearing and settlement systems and mechanisms can no longer support the banks and the consumers demands."
The platform is said to set a new foundation for banks to incorporate optimized cross-border core payment infrastructures. With support for SEPA Credit Transfers and SEPA Instant Credit Transfer, the solution will cover cross-border payments throughout most of the European market and challenge the established clearing and settlement systems on functionality, usability and cost. As soon as they have a solution ready, Hågensen mentioned that Banqsoft will start the analysis on cross-border and cross-currency payments.
“Creating a robust and future-proof solutions has been very important for us in Banqsoft, and is always in our mind as we continue to develop payment products," says Hågensen. "I believe that P27 is the key to get back on track, and keep the Nordic region up to speed when it comes to fast, smooth and innovative payment solutions."
“P27 has stated that they are already in dialogue with the European clearing centrals to integrate their instant scheme towards those markets as well. If that cooperation is materialized, then we in principle won’t have any boundaries or limitations to consider anymore for international payments between the Nordic region and the rest of Europe.”
The initiative is said to integrate the Nordic payment landscape a lot closer to the rest of the European market.
To learn more about P27, visit https://nordicpayments.eu.
Banqsoft is a leading provider of financial software solutions for asset finance, digital banking and credit management companies in the Nordics, offering future-proof systems in order to help financial companies stay ahead of the market. From end-to-end standardization and highly automated customizable platforms and processes, Banqsoft has the insight and technology to keep your company up to speed throughout future market changes and innovations.
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