P27, the company behind the ambitious project to transform the Nordic payment markets with a real-time cross-border payment platform, has withdrawn its clearing license application from Finansinspektionen.
The move comes as new requirements and regulations have challenged P27’s operating model, and the recent decision by the Danish banking sector to proceed with other payment solutions has put the company in a new position.
P27 CEO, Paula da Silva, said in a statement, “We fully understand and endorse the high requirements and expectations which apply to us as a provider of critical payment infrastructure. We are now in a dialogue with our owner banks to evaluate the best options going forward. We have a strong banking community in Sweden that has always taken common responsibility to ensure a resilient and robust payment infrastructure.”
P27 is the owner of Bankgirot and the two companies will continue to cooperate to ensure that the current payment infrastructure remains operational as long as needed.
The decision to withdraw the clearing license application marks a setback for P27’s ambitious vision to provide a better payment infrastructure to the 27 million people living in the Nordics with an optimistic timeline. However, P27’s withdrawal is a reminder that the landscape for payment infrastructure is continuously evolving, and companies must be prepared to adapt to new requirements and regulations to ensure a resilient and robust payment infrastructure.