Fintech & Ecommerce

Swedish banks start testing P27

During the last two years more than 10 banks have come to a consensus and are ready to start testing the P27 payment platform.

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Swedish banks start testing P27. Source: pexels.com

As the report says  P27, numerous banks such as Nordea, OP Financial Group, SEB, and Swedbank have a keen eye on a single payment system for all Nordic countries. The P27 account director Jacob Groth says the platform is being tested in Sweden. 

According to the schedule, by the end of 2022,  preparations for a uniform transfer should be completed, and next year SEK batch preparations should take place. The Swedes are among the first to implement the P27 platform.

The country has set up a special transformation committee for a smooth transition to the platform. Jacob Groth believes that having one common payment system in the Nordic countries will make the payment process smoother and wholesome, also it will harmonize and speed up payments. 

From now on, all the Nordic central banks have come together with only one goal in mind, namely to create and implement a Nordic payment platform in all Nordic countries.

We have reported that Revolut and Tink announced partnership during Money20/20.

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