Standardised Request to Pay services will drive fast and frictionless payments
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Insights Standardised Request to Pay services will drive fast and frictionless payments 22-09-2021 Initiatives in the EU and Nordics are bringing standardised Request to Pay services closer to reality. By removing friction and delivering real time payment messaging functionality
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The desk believes that the development of the P27 payment platform will significantly transform the Nordic payments landscape, facilitating faster and more efficient transactions for banks like Nordea. Per the full note from Nordea Insights, Tino Kam emphasizes the platform's capacity to offer a harmonized service across multiple currencies, marking a departure from the single-currency focus seen in previous initiatives like SEPA. The anticipated advantages of P27, including increased standardization and quicker transaction speeds, position it as a critical product for Nordic banks, especially in an era where 'instant is the new normal.' Market participants should be mindful of the ongoing technological transitions alongside the rise of fintech alternatives that could challenge traditional banking models.
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