- P27 Nordic Payments Platform to join forces with MasterCard as part of new plan
- Faster, more secure payments on the way
- “This is change for real. We will be able to develop instant payment solutions in a way that each country never would accomplish by themselves”, says platform boss
Big financial name MasterCard has announced that it will work with a Nordic bank-owned initiative to develop a real-time payment plan across a significant region of Europe.
The firm will work alongside P27 Nordic Payments, which is a platform jointly owned by a range of major Nordic banks including Swedbank, Danske Bank, OP Financial Group and more.
The new venture is designed to create the conditions for speedier cross-border payments which can be completed in any one of a range of currencies.
The firms claim that the new system will be one of the most efficient on the market.
Payments will be faster under the new system, and the pair will be able to offer instant payments in real time. Bank account to account payments mean that users will be able to take advantage of the partnership while also continuing to enjoy choice.
It will also cost the end user less to carry out the transaction. These benefits will be restricted in their geographical range to just the Nordic region, so international money transfers beyond those shores will not fall under its remit.
There will also be an added security element, with the firms promising extra safety when transfers are made.
According to MasterCard’s Europe President, Javier Perez, this partnership proves that the firm is a “trusted provider”.
“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”, he said.
“And it broadens our reach into fast bank account payment flow. The Nordic markets are global leaders in the development and usage of electronic payments. This new infrastructure will maintain their advantage over the rest of the world”, he added.
For P27 Nordic Payments Platform, Lars Sjögren added that the new system will be “state of the art”.
“This is a change for real. 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. And when it comes to security and efficiency in the Nordics we get the highest standards. This further boosts innovation and growth in the Nordics.”
“This new payment infrastructure will put the Nordic markets at the forefront with an ecosystem that connects all bank accounts. In the future, family and friends will be able to pay each by mobile, regardless of which country they live in”, he added.
At present, the partnership will see infrastructure development work occur. After that, there will be a range of new services designed once the basic systems are in place.
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