P27 is a bank-wide initiative to create a new Nordic payment infrastructure. It is a collaboration between the six largest banks in the Nordic region to build a new modern, stable payment platform and open for innovative payment solutions. P27 and the owner banks will now reassess the direction and scope of the initiative, according to some of the owner banks' websites.
Despite changed conditions, the owner banks will continue to take full responsibility for the Swedish payment infrastructure. The migration to a new file format, the ISO 20022 standard, is proceeding according to plan and is not affected by this change, according to the dialog we have with the banks.
Bankgirot, which is currently licensed to conduct the clearance of bulk payments, was created in 1959. BGC is based on an outdated technology and everyone agrees that it needs to be modernized. How and when remains to be seen, but operations will be maintained until new solutions are implemented.
It is important to separate the ISO transition and P27, they are not the same thing. The ISO20022 format is being implemented as the new payment format in both Sweden and our Nordic neighbors, regardless of what happens with the P27 cooperation.
Already in 2014, Finland as a member of the Eurozone went over to ISO20022 in its entirety. In 2016, we in Sweden went over to ISO20022 for Euro payments (SEPA). This was before the P27 project was launched.
Norway will phase out its local formats such as Telepay and Cremul in 2024. P27 thus chose to apply the formats that were already agreed as an EU standard.
In other words, we at Pagero will continue our work to help companies streamline their payment flows. The banks have different time frames for when the transition to ISO 20022 will take place and the closest dates are SEB (Q2) and Nordea (Q3).
We at Pagero will, of course, continue to follow the development and inform you regularly about what happens.
Are you curious about how Pagero's e-banking solution can help you in the transition to ISO20022 and at the same time streamline your payment flows? Contact us and we will be happy to explain further!