The Swedish Bankers Association has formed a P27 migration committee, as the country prepares to replace its payment rails with a new cross-border real-time pannier platform.
The original goal of P27 is to enable real-time, batch, national and cross-border payments to be made quickly and inexpensively between individuals and businesses in the countries of Denmark, Finland and Sweden.
Six Nordic banks – Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank – signed a shareholders’ agreement in October last year, agreed on a business plan and made a financial commitment that will cover all costs until the business is financially viable. The ambition is to launch the payment platform in 2021.
The complex project will lead to the replacement of eight national legacy systems to manage multi-currency payments on a common infrastructure.
The Swedish Migration Board was formed to coordinate the banks’ switch to the new infrastructure and to prepare the business community to switch to the new ISO 20022 messaging standard. Similar initiatives are being carried out in other Nordic countries.
SEB announces that it will inform large corporate clients “shortly” that they must prepare to migrate to the new standard in time for the launch in 2021.
Robert Pehrson, Business Development Manager at Transaction Services and SEB’s representative on the P27 Advisory Board, explains: “Companies often manage their payments in their accounting systems, and in such cases it is suppliers like Visma or SAP. who need to prepare. “
The first live delivery of P27 is expected to take place in early 2021, when account-to-account transfers are expected to begin. This will be tested by banks during the year, and SEB hopes to be able to introduce the service at the end of the year.
“We at P27 are defining the rails on which payments will be made,” said Paula da Silva, Head of Transaction Services at SEB and Acting President of P27. “Then the banks will provide the payment products to their customers. ”