Let us more on P27 in this blog covering messages, benefits and CSM used in Project 27
Benefits of P27:
One potential area of improvement is in online channels for private and small corporate customers of Nordea. Today, this customer group are required to select their payment type and choose between domestic and cross border transfers when making a transaction. They often use card payments for online shopping or local Person-to-Person payment apps for domestic shopping. They also use local existing direct debit or e-Invoicing solutions for paying bills.
P27 offers the potential to fuse the payment initiation process into one transaction type of “Nordic transfer” to make instant payments and cross-currency transactions. A new Request to Pay billing solution can also be supported that replaces direct debits and e-Invoices. Multiple benefits will include a seamless initiation and execution of the P27 “Nordic Transfer” and clear information and choices for some bank customers.
Large corporates are currently initiating or receiving a huge number of cross border transactions each year. P27 has the potential to enable instant cross-border payments that will greatly simplify processes and make them more efficient. Traditional file services and ERP systems can be supplemented or replaced with API solutions, providing detailed information and suggestions for optimizing payment routines. Request to Pay billing solutions can also be supported to replace the current large numbers of direct debits and e-Invoices corporates are using to bill their own customers.
More information on P27 was published before.
Clearing and Settlement Mechanism:
Messages used in P27 are:
P27 is to be implemented with the usage of ISO20022 messages.
Cust – FI:
pain.001.001.03 – Initiation
pain.002.001.03 – Status
camt.052.001.02 – Acc. report
camt.053.001.02 – Statement
camt.054.001.02 – Debit/Credit Notification
FI – FI:
pacs.008.001.02 – Credit Transfer
pacs.002.001.03 – Status Report
pacs.004.001.02 – Reject, Return, Recall
pacs.028.001.01 – Status Request
camt.056.001.01 – Cancellation Request
camt.029.001.03,08 – v03- Cancel Negative Reply, v08- Positive/Negative Reply for Claim non-receipt, reply to value date correction
camt.027.001.06 – Inquiry/Claim non-receipt
camt.087.001.05 – Request to modify payment
(Note: Please refer the latest schema document when implementing)
This information on P27 is as on June-2020.