The need of P27 for Nordics is explained in this blog, if you need to know about P27, please refer the previous blog before moving ahead with this post.
Current payment platforms in Nordics:
- Availability of within the country/domestic payment transfer
- Low value and High value
- Normal priority and High priority
- Availability of SEPA payments
- SEPA Insta
- Cross-border payments (Includes payments exchanged between Nordic countries)
Need of P27:
Nordic banks started this with the aim of making cross-border payments as easy as sending a text message. The world is increasingly digital and mobile – and that evolution has huge benefits for both businesses and consumers. But not all those benefits have been realized yet, especially when it comes to payments. Initiative of P27 is desired to revolutionize payments in the Nordics. And we view the platform as being on the leading edge of a paradigm shift in how money moves around the world.
The Nordics have long been on the leading edge of digital innovation, including online banking and cashless payments. Banks in the region also have a long tradition of innovation and cooperation. Thus, P27 be an extension of this tradition of technological innovation and cooperation, where we connect our collective resources, competence, and ambition to create a platform that really will transform payment experience for everyone in the region.
For Nordics banks, P27 offers several opportunities for developing new market leading solutions for the bank’s customers. Working groups have already been assessing which of the potential projects to pursue first.
P27 is well on the way to launching in 2021 when it will reshape the Nordic payments landscape to bring benefits for society, add customer value and create industry wide systemic improvements. Member banks are exploring solutions that will benefit their customers across the Nordics by making the time and complexity currently connected to payment processes disappear into the background.
Note: This information is taken from P27 project site and along with different Nordics Bank’s site.