Mastercard has teamed up with P27 Nordic Payments Platform to deliver fast, cross-border, multi-currency account to account payments across the Nordic region, reports Jane Connolly. The partners claim this is a world first in terms of a real-time and batch multi-currency platform, which will offer immediate payments with lower costs, higher security and increased competitiveness. P27 Nordic Payments Platform is owned by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank. After establishing the underlying infrastructure, the partnership will look to develop further common products and services based on the platform. Javier Perez, president Europe at Mastercard, says the partnership is “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.” Lars Sjögren, CEO of P27 Nordic Payments Platform, believes that the single interface will make it easier for banks to handle all payments, both domestically and internationally. He adds: “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.” Banks will benefit from real-time views of multiple active schemes, participant information, balances across schemes and a data-rich message set. The new platform is subject to regulatory approvals and final investment commitments.
Mastercard and SEB Mastercard 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 , Nordic Payments Platform , SEB and Nordic Payments Platform .