Mastercard and P27 Nordic Payments Platform have collaborated to create a multi-currency, cross-border, real-time payments platform for the Nordic region, in what the companies claim is a world first. The payments will be immediate, with the partners claiming the product will offer lower costs and increased security compared with competitors. The product awaits regulatory approval and final investment actualisations, but Mastercard and P27 said they ultimately plan to use the platform to develop their partnership into other products. “Blockchain technology has been around since 2009, yet it was only recently that we saw its potential as an innovative payment solution,” says Lars Christensen, CEO of MasterCard.
Mastercard and P27 Nordic Payments Platform have collaborated to create a multi-currency, cross-border, real-time payments platform for the Nordic region, in what the companies claim is a world first. The payments will be immediate, with the partners claiming the product will offer lower costs and increased security compared with competitors. The product awaits regulatory approval and final investment actualisations, but Mastercard and P27 said they ultimately plan to use the platform to develop their partnership into other products. P27 is owned by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank.