Danske Bank, Nordea, Swedbank, Handelsbanken, SEB and OP are teaming up to serve the region’s 27 million people, creating an integrated domestic and cross border real-time payments platform, which paves an important step for trade between Nordic countries.
P27 will see the banks create a single payments platform and allow instant cross-border payments within the region, in a bid to uplift local business. It’s predicted by the company’s owners that P27 will become financially viable by 2021.
Currently trade between the five Nordic countries – Denmark, Finland, Iceland, Norway and Sweden – accounts for 25% of the region’s total GDP, P27 representatives have told Reuters.
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