EC approves pan-Nordic payments platform
Summary
The collaboration project has now received merger approval from the EC, enabling it to start preparing to onboard customers in Sweden, Denmark and Finland. In 2019, Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank all signed shareholders’ agreements and agreed on a business plan for the P27 platform. Speaking in 2019, Martin Georgzen, chief strategy officer and head of business execution at P27, said: “When P27 is operational, it will pave the way for further innovation in the payments space. One reason for the Nordics’ fintech growth is that residents and citizens of the region tend to be digitally savvy, with some of the highest percentages of new technology adoption and mobile banking usage in the world. The big traditional banks face huge pressure from digital savvy competitors who use their tech expertise and user-friendly services to win customers.