Mastercard, a Purchase, NY-based leading financial services corporation, as per recent reports, has joined forces with P27 Nordic Payments Platform, which is owned by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB, and Swedbank, to enable faster payments across the entire Nordic region.
The partnership, lamenting the world’s first real-time batch multi-currency platform, will be offering immediate cross-border, multi-currency account to account payments at reduced costs and increased security.
After the underlying infrastructure to enable faster payments is established, the Nordic-Mastercard partnership will then further delve into developing more common products and services based on the platform.
According to Javier Perez, president Europe at Mastercard, the partnership is “evidence of Mastercard’s vision to drive real choice by being the trusted provider of new payment experiences and broadening our reach into fast bank account payment flows. The Nordic markets are global leaders in the development and usage of electronic payments and this new infrastructure will maintain their advantage over the rest of the world.”
And as per Lars Sjögren, CEO of P27 Nordic Payments Platform, the platform’s single interface makes it easier for banks to handle both domestic and cross-border, multi-currency payments. “This is change for real. By joining forces across the Nordics, we will be able to develop instant payment solutions in a way that each country never would accomplish by themselves,” adds Sjögren.
The new platform is subject to regulatory approvals and other investment commitments.