P27 – The Payment Gamechanger

Welcome to the bright new future of domestic and international payments! 

We are building a rock-solid and safe platform that will enable innovative direct, peer to peer transactions, but still cut the cost to a fraction of traditional solutions.

What sets us apart is the way we are disrupting traditional ways of working. We are changing the world of payments at its core by innovative and value-adding solutions.

It is time for a change and although we are pioneers, we are sincere, knowledgeable, and responsible. Always with a guiding ambition to ensure everyone gets exactly what the expect from P27 and our platform.

We are here to change the world of payments, and you are welcome to join the movement!

What makes P27 different?

• Disruptive – With our new platform and our clear focus on changing the world of international direct payments, we are disrupting the system of payments in the Nordics and in the rest of the world.
• Innovative – We are not happy with just being disruptive. Deeply rooted in our DNA lies an ambition to innovate and constantly improve the financial industry with a focus on payments and clearing.
• Value-adding – We strive to add value. Before the first transactions are made on our platform, this is mainly manifested through our unwavering willingness to share our knowledge and expertise with the outside world.

P27 addresses four drivers of change

1. Digitalisation

While the Nordic payment markets are among the most advanced in the world, technology constantly evolves, and provides customers with new means of payment.

However, differing national standards impede the development of up-to-date payment services fit for a borderless Nordic region. Reengineering the underlying infrastructure to provide up-to-date products and services is therefore necessary.

P27 aims to provide a future-proof infrastructure, enabling faster adaptation to new technologies, and helping the Nordic countries to maintain their position as some of the world’s most digital societies.

2. Customer expectations

Customers perceive high costs, opaque pricing, and extensive lead time on cross-border payments as barriers, and hence limits the exchange of goods and services.

By harmonising and standardising the clearing of payments across the Nordics, P27 strives to provide cross-border payments with the same transparency, low fees, and lead times that characterise domestic payments today.

3. Regulation

European authorities push for regulation that increases competition and lowers fees on payment transactions, in particular on cross-border payments.

However, different infrastructures and standards in the Nordics makes it costlier for banks to implement, and challenging to develop competitive services.

P27 will make it easier for banks to adapt to upcoming regulations, reduce implementation costs, and facilitate the development of new services.

4. Economic pressure

Frictionless trade is important for Nordic societies, and both businesses and consumers have an interest in increased trade. However, high transaction costs and out-of-date customer experiences when paying cross-border pose potential barriers and cause friction.

P27 aims to reduce these barriers to trade by making cross-border payments easier and cheaper for businesses and consumers alike.

P27 strives to bring benefits to industry, consumers, and society

Benefits P27 aim to bring to society

• Increased trade due to a seamless connection of the Nordic economies that can facilitate growth and employment
• Improved foundation for innovation, with a future-proof payment infrastructure across the Nordics to boost innovation
• Simplified oversight of financial institutions enabled by payment processing in a single platform

Benefits P27 aim to bring to consumers

• Excellent user experience, with payments that work seamlessly across the Nordics
• Instant cross-border payments
• Simplified set of pan-Nordic products and services, where consumers can use the same payment solutions across countries

Benefits P27 aim to bring to the industry

• Lower costs, as improved scale and cost efficiency for infrastructure provider is passed on to banks
• Faster responsiveness and adaptability to customer needs, as modernised payment infrastructure enables faster product development and adaption
• Increased harmonisation of standards
• Enablement of new products, services, and business models, with P27 as a platform for the development of new products, e.g., cross-border mobile payment solutions

P27 core principles

Accessibility

Create a level playing field and improve accessibility for Payment service providers in the Nordics.

Simplification and harmonisation

Simplify and standardise products and services across the Nordics, and reduce localisation, e.g., regional products/services

Adherence to international best practices

Ensure interoperability with the euro countries, as well as best practices for risk mitigation, resilience, and cybersecurity.