Nordic Payments Module
What is P27 and why does it matter?
Banking has often prided itself on being a traditional, conservative industry, but new technologies – and new players – have forced banks to rethink the way that they do business and engage with customers.
Nowhere is this truer than in the world of online payments. Customers now expect instant, real time transactions and total transparency.
P27 is the next generation of payment protocols – the world’s first real-time cross-currency payment standard set to redefine how the Nordics does business. Early adopters will have a genuine competitive advantage – while those that wait too long might see their business go elsewhere.
Today, the pace and direction of P27 is being set by the big six Nordic banks – Danske, Handelsbanken, Nordea, OP Financial, SEB, and Swedbank. The decisions they make will have immense implications for the banking industry in the Nordics – so how can you have your say?
Safety – in numbers
Adoption of any new system is expensive and time consuming. Conforming to industry-standard compliance expectations – a constantly shifting minefield of both domestic, EU, and international legal issues – is an unrealistic proposition for most niche financial players accounting for a significant amount of personnel time and cost.
Crosskey are uniquely positioned to solve this problem.
Born from Ålandsbanken, we have long term banking heritage and experience, combined with an industry leading understanding of the technical challenges of integrating new systems.
By partnering with us, compliance and regulatory issues are eliminated, since we (as a wholly owned subsidiary of Ålandsbanken) are by default up to date with all relevant legislation.
By working together, development costs – which would be unsustainable for a single niche player – can be shared between multiple smaller banks and financial institutions who all face the same problem.
By working together, Crosskey, with multiple smaller niche players in partnership, would be in a position to steer P27 policy, ensuring that the big six banks make decisions that benefit the industry as a whole – not merely themselves.
We’d love to talk to you about how a partnership with Crosskey can help future-proof your business – and lead to a more profitable future for all.