RegionsNordicsNew real-time payments system for Nordic markets announced

New real-time payments system for Nordic markets announced

The new payment platform by Mastercard and P27 Nordic Payments Platform is subject to regulatory approvals and final investment commitments.

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

The partnership will connect people across Nordic countries using multiple currencies, in a development that according to the partners will transform how money moves for consumers, businesses, society, and the payments industry itself.

Lower costs

The real-time and batch multi-currency platform has the potential to 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 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.

For banks, this introduction of a new platform will also provide a real-time view of the multiple schemes that are running, participant information, balances across schemes and the addition of a data-rich message set, empowering participants to explore new revenue opportunities.

Javier Perez, President Europe, Mastercard said: “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. 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.”

Handling payments – domestic, European and beyond

The role of real-time payments in the new global ecosystem is increasingly vital. Currently, over 60 countries globally either have a live real-time scheme or are working towards the launch of a scheme.

Lars Sjögren, CEO P27 Nordic Payments Platform commented: “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. 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.

The demand from consumers and businesses around the world for instant and account to account payments is growing and this new payment infrastructure will put the Nordic markets at the forefront with an ecosystem that connects all bank accounts. Not too far in the future, family and friends might be able to pay each other using mobile devices, regardless of what service they use or which country they live in. Businesses can take advantage of access to a wider network of customers and suppliers, and the seamless movement of money when paying or getting paid. This one single interface will make it easier for banks to handle all payments – domestic, European and beyond.”

Earlier this week, SWIFT set out its views on the future of cross-border payments through a paper in order to support the community at a time when it is becoming evermore complex thanks to the increase in cross-border flows, new technology enabling dramatic improvements and end-customers demanding a better customer experience.

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