At Nordea, we want to support this initiative in order to simplify the Nordic payment landscape, introduce new and standardised payment types compared to existing domestic products.
P27’s mission is to make payments more efficient in the Nordic currencies and the Euro with a payment infrastructure for domestic and cross-border payments. An open-access and common infrastructure will bring further harmonisation to the European payments landscape.
Efficient means of payments are crucial for the integration of financial services as well as the economy as a whole. By developing common Nordic standards for payments, P27 will provide tangible benefits for the Nordic societies like increased trade, growth, and employment as well as improved foundation for innovation.
One of the key principles in P27 is to harmonise and standardise payments. Thus, P27 is built on ISO20022 format with the Nordic Payments Council (NPC) managing the Nordic payment schemes. The NPC is a non-profit member association combining four Nordic bankers’ associations, banks and payment institutions covered by the PSD2 directive.