Project P27 is very much on track.
After Coronavirus brought the world temporarily to a halt, work behind the scenes on the world’s first real-time cross border multicurrency clearing and settlement platform, serving the four Nordic currency communities, has not faltered.
The frontrunner implementation project is now up and running in Sweden and four banks are participating, representing 60% of the Swedish market. Ongoing discussions are taking place with all four countries’ financial authorities to prepare for the new payments platform. Work is ongoing across SEK, DKK and Euro instant- as well as other batch- schemes.
Crucially, and in order to manage the product migration on top of the implementation, a governance structure has been introduced with a Program Management Office and a Transformation Committee, with broad representation from banks with the purpose to prepare the market for what is to be offered. This committee is tackling the complexities of transformation, essentially bringing the PowerPoint visions to life and turning the vision into concrete activities. Both entities will closely steer and monitor the transformation according to a transformation plan which is currently being detailed.
Efforts in the second half of 2020 will zero in on how to deliver the intended benefits to the pan-Nordic banks, businesses and consumers.
Join us for this NextGen Nordics webinar, by Finextra and in association with P27 Nordic Payments, to hear experts at the beating heart of the project discuss and update on the following points and more:
- The latest updates on implementation
- How far advanced should the vendor community be?
- How should banks and service suppliers adjust their systems?
- Who will see the benefits of the project first and what will they be?
- Gary Wright – Head of Research, Finextra [Moderator]
- Jesper Nielsen - CEO, BEC
- Erik Zingmark - Head of Transaction Banking, Nordea
- Roberto Tittarelli - EVP, Market Development, New Payments Platforms, Mastercard
- Lars Sjögren - CEO, P27 Nordic Payments Platform
> Watch the webinar now