Mastercard has unveiled a new partnership with P27 Nordic Payments Platform in an effort to build “the most advanced, innovative and efficient payments system in the world.”
P27 Nordic Payments Platform is collectively owned by: Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank.
Lars Sjögren, CEO, P27 Nordic Payments Platform explained: “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.”
Described as a “major investment programme,” the real-time multi-currency platform is expected to replace the existing payment infrastructure due to its increased security and lower costs.
The collaboration is expected to connect people from the Nordic countries using multiple currencies – with the “bold ambition” to transform the way in which society moves money.
Sjögren continued: “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.”
Furthermore, Mastercard disclosed this is a sign of things to come, as the two will continue working together to develop further common products and services based on the platform once the infrastructure it established.
Javier Perez, President Europe, Mastercard comments: “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.”
The new payment platform is subject to regulatory approvals and final investment commitments.