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Nordic banks agree to fund common payment service

“Georgzen said he expected the payment service to be ready by the start of 2021” writes Midwest Communications Inc for STOCKHOLM (Reuters) – Six of the Nordic region’s biggest banks have agreed to invest in pan-Nordic instant payment system P27, aiming to integrate payment services in the region into a single platform to help boost business. In June, P27 announced it would work with U.S payment service Mastercard to build its platform.A single payment system which transacts across borders and currencies in the region would make trade between Nordic countries easier, particularly as countries such as Sweden move increasingly away from cash.He added P27 must now obtain a payment clearing license in Sweden, where the company is headquartered.

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