Less than a year after P27’s founding, delivery remains in focus as P27 plans for the implementation of payment schemes across the Nordics and maintaining its aggressive timetable.
SEK payments are the first priority, P27 COO Claus Richter explains, as they account for a substantial percentage of overall payment volume in the Nordics. He adds, however, that P27 aims to follow up quickly with both EUR and DKK payment schemes.
“This involves preparing the technical platform and working together with the banks so they can be ready by the time we plan to go live in 2021,” he says.
Potentially implementing the payment schemes and accompanying upgrades could also contribute to the overall stability of payments infrastructure in the Nordics.
While P27 is still in its infancy and subject to regulatory approvals, the company already has much to celebrate according to Richter, who has been with P27 since the start. Among other things, he cites significant progress when it comes to alignment across the Nordics.
“There’s improved collaboration among the central banks and between the FSAs,” he says.
Another early success is the scale benefits of P27’s arrangement with MasterCard, which proves that leveraging the full volume of all the Nordic countries results in better agreements than exists elsewhere in the marketplace.
Looking ahead, Richter believes one of P27’s biggest challenges will be continuing to build up the organization to keep pace with the company’s “aggressive” timeline.
“It’s hard to find the right people fast enough,” he explains.
P27’s next big milestone is getting its clearing license from the Swedish FSA.
“We’re also starting to plan for working on bill payments, which we are aiming to have as our next big product initiative after clearing and settlement,” says Richter. “That will involve some different value chains as we plan for P27 deliverables to start to be used by potential consumers and corporations.”
NOTE: The official launch of P27 services is subject to regulatory approvals and therefore P27 will not conduct any business activities until required regulatory approvals are obtained.