Nordea: P27 aims for Nordic instant payment ecosystem

Nordea Bank Abp is participating in the development of P27, a pan-Nordic initiative designed to establish a unified platform for instant, cross-border payments across multiple currencies. This project is part of a broader global effort to standardize and streamline payment infrastructures, driven by regulatory interest from bodies like the G20 and the European Commission.

The P27 project, alongside efforts from financial institutions globally, aims to simplify and standardize payment infrastructure. Camilla Bäck, Senior Business Developer at Nordea, noted the complexity and time-intensive nature of implementing new payment systems, emphasizing the need for banks to thoroughly consider common standards and rulebooks. This includes adherence to regulatory steps and ensuring technological compatibility.

Significant progress has been made in the Nordic region, with the establishment of the Nordic Payments Council (NPC) and the creation of rulebooks for Scandinavian currencies. P27 Nordic Payments Company is currently developing its services based on these NPC rulebooks, with rollout expected in the coming years. Nordea highlights that the foundational achievement is the creation of common standards enabling interoperability before service development.

While large technology companies are also introducing payment solutions, these often operate within closed, non-interoperable ecosystems. The goal for banks like Nordea is to provide customers with a single entry point to global instant payments that is interoperable with other banking providers, ensuring both speed and security in settlement through central bank money.