Project 27

Project 27 (known as P27) aims to establish a single pan-Nordic payment infrastructure for the 27 million inhabitants of the region. The new payments infrastructure will create the foundation for multiple initiatives and innovations in the Nordics.

Delivering real-time, multicurrency multi-country payments in four Nordic currencies

P27 will enable real-time, batch, domestic and cross-border payments to be carried out quickly on a secure and versatile platform. 

P27 aims to replace a currently fragmented clearing landscape with a new infrastructure that brings simplicity and scale efficiencies, harmonisation and standardisation of payments, instant capabilities, modular functionality, increased transparency and a resilient design enabling the implementation robust security measures.

Standardising payments across the Nordics

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.

Quick facts about P27

  • P27 is the initiative by six major Nordic banks, including Nordea, to establish a common clearing platform for payments in DKK, EUR and SEK
  • The payment types cover domestic and cross-border payments, both instant and in batch format  
  • The banks have established P27 Nordic Payment Platform AB to be responsible for the operational activities in P27
  • As part of P27, banks will develop and offer joint products and services 
  • Read more about P27 Nordic Payment Platform AB hereOpens new window

A Nordic collaboration

P27 operational company was initiated in 2018 and is a joint venture between by Nordea, Danske Bank, Handelsbanken, OP Financial Group, SEB, and Swedbank . P27’s vision is to break down barriers for trade and financial interaction between the Nordic countries. 

The operational company, P27 Nordic Payments Platform AB, has been set up with offices in Stockholm, Copenhagen and Helsinki. As a Swedish company, P27 NPP has applied for a clearing license from Finansinspektionen, the Financial Supervisory Authority.   

“P27 will be a true cross-country payments solution within the Nordics. Banks and financial services providers are already preparing for this change. It will be a very important step towards the real-time treasury” - Tino Kam, Head of Transaction Banking Product Management at Nordea.

Customer Migration in Nordea Sweden

The implementation of P27 means that the banks in Sweden, including Nordea, will upgrade the local payment products by implementing a new payment format, ISO 20022 and thereby discontinue to offer services via Bankgirot. 

The change will not impact private customers direct, they can still do payments in the same way but changes can be around cut off times how much information you can send in a single payments etc. Corporate customers with file communication will be impacted.

Nordea will migrate the following services provided by the Bankgiro to Nordea´s own services:

  • Supplier payments (Leverantörsbetalningar)
  • Salary payments (BG Lön)
  • Incoming domestic payments (BG inbetalningar)

Also customer using Autogiro will be impacted and we are currently working in the Banking sector to set and describe the new service which will replace Autogiro.

Bankgiro numbers and Plustgiro numbers will remain in use until banking community decides otherwise. Nordea´s preferred channel offering is Corporate Access. To read more about Corporate Access click here.Opens new window

If your company is using file communication in local Swedish format it is recommended to start preparations for the ISO 20022 format. At Nordea we will work together with you throughout the migration process to secure a smooth transition. 

Information about P27 in other Nordic countries

Information about P27 in Sweden

Please visit the Swedish Transformation programme here (in Swedish)Opens new window.

You can also find information in English in the Q&AOpens new window.

Customer Migration in Nordea Denmark

In a similar way as in Sweden, the ISO 20022  payment format will be replacing the local Danish payment formats at Nordea. 

For our customers in Nordea the preferred channel offering is Corporate Access . To read more about Corporate Access click hereOpens new window.

More information on the Danish migration will follow.