P27 Nordic Payments has withdrawn its clearing license application from the Swedish Financial Supervisory Authority due to new regulations and requirements, casting doubt on the future of the cross-border payment project linking payments between Sweden, Norway, Denmark, and Finland.
Facts
- P27 Nordic Payments has withdrawn its clearing license application from the Swedish Financial Supervisory Authority.
- This was the group’s second application after the initial application was rejected in 2019.
- Denmark’s banking sector has decided to pursue other payment modernization plans separate from the P27 project, and Sweden also intends to follow a similar path.
- P27 is a joint initiative between Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB, and Swedbank.
- P27 cited “new requirements and regulations” that have challenged its operating model.
- The project will not handle Swish-flow in Sweden.
- P27 CEO Paula de Silva says the group is now “in a dialogue” with its bank members “to evaluate the best options going forward.”
