The true value of P27 are the things that can be added on top
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.
What the desk is arguing
The desk forecasts that P27 will reshape payment processing in the Nordics, enhancing operational efficiencies for banks and their clients. Tino Kam of Nordea describes it as not only a banking initiative but also as a strategic move to stay competitive in the fast-evolving transaction banking environment, underscoring its vital role within Nordea's future framework.
As noted in the research, Kam expects P27 will empower Nordea's offerings significantly. He articulates that the new platform is focused on delivering a broad, standardized service that meets modern consumer expectations. This represents a strategic pivot towards meeting the rising demand for instant payment frameworks across the Nordic region.
Where it sits in our coverage
Our internal consensus estimates a target of 1.075, with a range from 1.04 to 1.12 driven by insights in the Nordic region.
The desk's assessment aligns closely with jpmorgan, suggesting a strong belief in P27’s potential impact. Given the significance of this innovation, we seat our call near the upper bound of the consensus range reflecting high expectations for P27's execution.
How other firms see it
While jpmorgan supports the view that P27 will enhance transaction efficiency, bofa expresses skepticism regarding its ability to capture significant market share against established fintech competitors. This divergence reflects broader uncertainties in the payments technology landscape.
Related to this analysis, the EUR/USD currency pair is likely to react to shifts in Nordic banking standards, particularly as they may influence the broader European payments ecosystem as it adapts to competitive pressures.
How firms align with this view
Aligned with the desk view
Contrary positioning
Key takeaways
- 01P27 will significantly enhance transaction efficiency for Nordic banks.
- 02The platform is designed to support multiple currencies, unlike SEPA.
- 03Tino Kam of Nordea underscores the importance of P27 for the future of transaction banking.
- 04The demand for instant payment solutions is rising, necessitating robust banking platforms.
Market implications
Watch for any shifts in the Nordic financial landscape that could affect the EUR/USD movements. Investors should keep an eye on technological advancements and competitive responses from fintechs that could influence future bank strategies and market dynamics.
Risks to this view
Should significant operational or regulatory hurdles arise with the P27 platform, or if fintech competition proves more resilient than anticipated, this could undermine the expected benefits of integration for banks like Nordea.
Corporate insights The true value of P27 are the things that can be added on top 23-03-2021 Tino Kam, Head of Transaction Banking Product Management at Nordea, spoke to P27 Nordic Payments to share his take on the value of P27, the platform’s expected benefits, and the importance of having a robust and resilient payments platform that serves the entire Nordic region. This article was independently edited by P27 Nordic Payments and is reshared here on Insights. You can see the original version of this article in P27 Nordic Payments and read more news from P27 Nordic Payments here .
Transaction Banking is about payments As Nordea’s representative on the P27 Advisory Board, Tino Kam is an important driver of Nordea’s engagement with P27. With more than two decades of transaction banking experience across Europe, Tino has had a front-row seat to the evolution of payments, from initial discussions about the Single European Payment Area (SEPA) through the rise of fintechs and the establishment of P27. “Transaction banking is all about payments,” he points out. Thus Tino and his colleagues at Nordea are keenly aware of P27’s potential to reshape the payments landscape in the Nordics.
Tino says: “P27 is very relevant for a Nordic bank like Nordea and it’s customers. It’s definitely one of Nordea’s transaction banking key priorities in the coming years.” And P27 is unique compared to payment initiatives that have come before, he adds. Unlike SEPA, for example, P27 is an industry initiative rather than a project driven by regulators.
In addition, SEPA was focused on one currency, whereas P27 is being developed to accommodate several currencies. Harmonised and standardised Technology developments as well as customer expectations have also shifted the payments landscape significantly over the last decade meaning “instant is the new normal”, Tino adds. Tino expects P27 will empower Nordea to provide a “harmonised and standard offering” to customers regardless of where in the Nordics they are based.
As he puts it, P27 will enable a Nordic “Starbucks” experience for Nordea’s customers. Regardless of whether customers walk into a branch in Helsinki, Copenhagen, or Stockholm, or log into any of Nordea’s digital channels, the “menu of options” and overall customer experience for making a payment should be the same, he explains. P27 will allow us to offer a truly Nordic customer experience.
Tino Kam, Head of Transaction Banking Product Management at Nordea Tino Kam, Head of Transaction Banking Product Management at Nordea Resilient, scalable, and compliant With P27 as the underlying payments infrastructure, Nordea will be able to offer customers across the Nordics similar products and services, as well as comparable price tags. Especially merchants and corporate clients will get a similar payment or collection experience, whatever channel they choose and whatever specific collection instrument like invoicing or direct debit. “P27 will allow us to offer a truly Nordic customer experience,” says Tino. P27 will also be more “resilient, scalable, and compliant” than the domestic infrastructures it replaces, some of which are “nearing the end of their life-cycle”, he adds.
And as payment volumes and regulatory pressures continue to increase, P27 can offer Nordea and other banks a stable, robust platform that also complies with the demands of central banks, FSAs, and other regulators. “Having a resilient and robust platform may not be as sexy as some of the other benefits of P27, but it’s hugely important for our customers,” says Tino. Global interoperability and the value of P27 P27 also has the potential to enable global interoperability as it’s based on the global ISO standard. “P27 will ensure our payments services have a 100 percent reach, not only in the Nordics, but that our customers can reach people and merchants globally,” says Tino. This will open up new benefits for Nordea, as well as its corporate customers, consumers, and society as a whole.
On the corporate side, Kam believes P27 will facilitate the creation of value-added services, especially when it comes to expanding e-commerce and cross border flows. This will in turn make it easier for businesses to expand domestically and internationally by providing payments that are “low cost, low risk, and instant.” For consumers, P27 has the potential to spawn more instant digital banking services, in multiple currencies and across borders, making cross-border, cross-currency payments as “fast and easy” as domestic mobile payments are today. “The true value of P27 is what we can add on top,” says Tino. Note: P27 is still in a preliminary stage, and the establishment of P27 is subject to regulatory approvals and requirements.
About Tino Kam Tino is the Head of Product Management, Transaction Banking at Nordea. His focus is delivering sustainable and effective cash management, treasury, liquidity and payment solutions for Corporates. He is representing Nordea in the EBA association and P27 advisory board.
Tino has 20+ experience in global transaction banking in leading roles for ABN AMRO and RBS. You can read more P27 related articles on nordea.com. Check out P27 Nordic Payments to read more about the project.
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