Currently, a lot of preparatory work is ongoing in order to meet all the upcoming changes in the payment market.
In the Nordics there is a pan-Nordic initiative with the aim to achieve a common Nordic payment infrastructure – P27 Nordic Payment Platform (P27 NPP). It is a collaboration between six of the largest banks in the region. The initiative will enhance the Nordic payment market and make it possible to process both domestic and cross-border payments in SEK, DKK and EUR in an easy and cost-efficient way.
At the same time, the Swedish Central Bank has decided to join the European Central Bank's initiative for faster payments – TARGET Instant Payment Settlement (TIPS). The initiative will make it possible to connect SEK to the new platform and at the same time open up for the option of faster payments in SEK in Sweden.
In parallel with the abovementioned initiatives, there is a lot of preparatory work ongoing in other areas. Both the Nordic and European financial markets are moving from national and propriety technical file standards and formats into the new global standard ISO20022, enabling communication opportunities between different parties in the financial market all over Europe.