P27 and Bankgirot in collaboration to secure current and future Swedish payment infrastructure
P27’s vision to create a Nordic payment infrastructure has shifted. However, the need for a modernized payment system in Sweden is as important as ever. Therefore, P27 and Bankgirot have started a joint project to modernize and future-proof the Swedish payment infrastructure.
The joint project is in the start up phase and is run jointly by P27 and Bankgirot. The purpose is to secure and transform the current payment infrastructure in Sweden. One of the project’s tasks is to identify what needs in for the current payment infrastructure are to remain operational for a longer period than previously planned. The second task is to identify what changes are needed long term and to provide alternatives as to how a future payment infrastructure should look like.
Jonas Rörsgård, Chief Business Officer at Bankgirot, and Martin Georgzén, Head of Customers & Relations at P27, manage the customer dialogue jointly and work closely together with colleagues from both companies in the project.
“It is a joint journey that begins now, the employees at Bankgirot and P27 come from two different assignments and look at the task from different angles. Combining our experiences and expertise gives the project the best possible prospects,” says Jonas Rörsgård.
The need to modernize Swedish payment infrastructure is imminent, regardless of whether it is to be done at the Nordic level or not. Therefore, we are allocating resources together to start up the joint project. There is a great desire at all levels in both organizations for this to be successful, says Martin Georgzén.
Bankgirot continues to guarantee payments in Sweden
The transformation of payments in Sweden continues regardless the fact that P27 will no longer build a Nordic payment infrastructure. The need is unchanged; a new Swedish payment solution is needed to live up to the standards and requirements that apply today. Any long-term solution will take time to implement.
“The plan has been that Bankgirot would remain operational until 2026, but we will have to remain for a longer time than that. Bankgirot’s main mission is to ensure stability in the existing infrastructure and the day-to-day delivery continues to be our first priority”, says Jonas Rörsgård.
The fact that Bankgirot will continue to ensure payment infrastructure in Sweden for longer than initially planned has consequences. Understanding what needs are to be fulfilled and managed to secure the current infrastructure for a longer period than previously planned is however one of the items the joint project is looking into. The foundation for that work is and continuous to be the banks’ needs and requirements.
Customer engagement is critical
The ambition is that the first round of validation is finalized in the beginning of the autumn, however, no exact timetable is available yet.
“There will be follow-up questions and we need to manage those as we go. The discussion with the market will continue during the autumn, in parallel with us sketching solutions and models,” Jonas Rörsgård says.
More information will come as the project continues. Jonas Rörsgård and Martin Georgzén point out that the project does not change anything in ownership or steering of Bankgirot and P27. Existing customer forums run by Bankgirot will remain until further notice.
“The ownership structure of both companies is the same as before; P27 owns Bankgirot and P27 is in turn owned by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank,” Martin Georgzén says.
Both Martin and Jonas Rörsgård are satisfied so far into the project.
“We have presented how we will move forward to customers and stakeholders. and we have received good feedback so far. In addition, we have deepened the cooperation and come together closer across the companies. It has been a good collaboration – both between P27 and Bankgirot, but also with our customers,” Jonas Rörsgård concludes.
For further information, please contact:
Annica Strahner, Head of Communications
Phone: +46 723 22 52 50