DNB withdraws from the Nordic banking sector – DNB – Stock Exchange and Finance


Since the beginning of 2018, DNB, Nordea, Handelsbanken, SEB, Swedbank, Danske Bank and OP Financial Group have been working on the development of a common Nordic payment structure in four different currencies.

DNB is now retiring.

– In Norway, banks have already established an effective payment infrastructure, which means that we have the lowest transaction costs in Europe, a true spokesman for DNB Even Westerveld and E24.

– It therefore demanded that a solution be set up to provide the Norwegian players with sufficient benefits, measured according to the necessary investments.

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Information Director Even Westerveld in DNB.

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Information Director Even Westerveld in DNB.

After the DNB had resigned, Finans Norge left the project.

The project will start without Norwegian participation.

P27: Start-up targets in 2020

The remaining six banks are fully pursuing the goal that the first transactions could take place in 2020.

Despite the fact that the DNB has withdrawn, the Norwegian crown is likely to remain part of the project.

– P27 offers an opportunity for big profits for both banks and their customers. This does not change because the DNB decided to withdraw. Other P27 banks are still determined to carry out the project, says the newly appointed head of the company P27, Lars Sjögren, in E24.

The basis of the project, named after the 27 million inhabitants of the Nordic region, is the need to modernize the national payment systems in the region.

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The project aims to provide a basis for payment solutions for consumers across the Nordic region.

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The project aims to provide a basis for payment solutions for consumers across the Nordic region.

Common infrastructure

The desire was to establish a common, Nordic payment infrastructure for the settlement and settlement of the Norwegian, Swedish and Danish krone and the euro between banks for immediate payment, regardless of currency.

For the Nordic banking sector, saving in the amount of several hundred million euros is possible in the coming years.

– But P27 is much more than just that. With P27 banks in the Nordic countries get the optimal basis for continuing the development of new products and solutions for the benefit of consumers and businesses, says Sjøgren.

I hope that national mobile payments can be coordinated

In the long term, the project would like to lay the foundations for user payments in digital solutions, such as Vipps in Norway, Swish in Sweden, and MobilePay in Denmark.

– Part of the P27 vision is to create a common payment area in the Nordic region. This can be achieved by establishing common Nordic solutions or by allowing existing "national" solutions, such as mobile payments, to "cooperate", which is supported by the possibility of immediate payments in the Nordic region, which is an important part of the P27, says the project manager.

Central banks appreciate the P27 initiative

Norges Bank encouraged banks last year to continue working on the P27 with the goal of rapid adaptation to Norwegian infrastructure, "so that businesses and private individuals in Norway can access up-to-date real-time payments."

Norges Bank then held joint talks with Scandinavian central banks on the project and in November stated that the Nordic central banks "appreciate the P27 ambition to improve the efficiency of payment systems in the Nordic countries", but stressed that several factors need to be clarified.

The next step for P27 is the official establishment of the company in Sweden, as well as the choice of the main supplier of the technical platform before the summer.

They then confirm the approval and licenses, especially from Riksbank and Finansinspektionen.

– The Nordic countries can be proud to be the world's leaders when it comes to modern and efficient payment infrastructures. But the distributed infrastructure is not the future, especially in such a tightly integrated region as the Nordic, says the head of the P27.


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