P27: Simplifying payments in the Nordics

With nine different clearing systems, outdated payment platforms and multiple overlapping products across borders, you may experience barriers and complexity when doing business across the Nordics, and you may need to set up your payments differently depending on market-specific requirements.

With the new common payment platform in the Nordics – P27 – you will experience simpler, faster and more secure payments. P27 will considerably reduce the complexity you experience today by introducing one standard format for both domestic and cross-border payments in the Nordic region, enabling you to save time and resources.

Initially, the infrastructure will support the currencies SEK, DKK and EUR. However, P27 is designed to include more currencies over time.

P27 is still in preliminary stage, and the establishment of P27 is subject to regulatory approvals and requirements.

Your payments will be simpler, faster and more secure

  • Simpler – you only need to use one payment format. The new standard format will be ISO20022 XML
  • Faster – real-time payments in SEK, DKK and EUR
  • More secure – the standardised format and improved processes will contribute to lower financial and operational risks

We will support you in the transition to P27

Regardless of your business’s situation and how you do payments today, we will be happy to support you in the transition to P27. The first step in your preparations is to prepare for the new standard payment format.

Reach out to your Cash Manager to have a dialogue about how your business can prepare to ensure a smooth transition in due time.

P27 will bring multiple benefits for how your business do payments


Reduced complexity with new format

It will be easier for you to handle payments seamlessly across the Nordic countries and currencies, because you only need to use one standardised format (ISO 20022 XML).


Payment and reconciliation processes will be easier and with reduced complexity

The majority of existing payment products will be replaced by two new Nordic payment products, which will be offered with a number of optional features, enabling you to get the solutions that match your specific needs.


Opportunities for instant payments across borders

With improved cut-off times and faster payment processes, you will have better options for real-time payments. Improved speed and flexibility to handle payments when it suits you.

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Lower financial and operational risks

The standardised format and processes will contribute to lower financial and operational risks to the benefit of both you and your counterparties – the format and payment process will be the same across countries and banks.

What can I do today to ensure my business will be ready for P27?

P27 will not entail major short-term changes to businesses operating in Finland. However if your business has operations in other Nordic countries, Danske Bank encourages you to change payment format to ISO 20022, XML.

Most ERP systems already accommodate the new format. Reach out to your ERP provider to ensure they can handle the new format for payments, salaries, reporting and credit invoice monitoring. We also encourage you to reach out to your Cash Manager to have a dialogue about how your business can prepare to ensure a smooth transition in due time.

What will P27 mean for our subsidiaries and payments in Sweden?

If you have Swedish subsidiaries or process domestic SEK payments, you need to ensure the ERP provider of your Swedish subsidiary can handle the new ISO 20022 format. If you or your subsidiaries communicate directly with Bankgirot, ensure the communication is redirected to your bank, as direct file communication with Bankgirot will be closed down.

If you have Swedish subsidiaries, read more in the Q&A 

Does your company make Swedish domestic payments via files?

The transition to the ISO 20022 XML format for files with Swedish payments has already started. See how you are affected by this change, as well as how to change and validate your payment files.

Read more

Changes in the payment industry

See our experts from Danske Bank explain what P27 is and what the changes mean for you as a customer.


Questions & Answers 

Read more on the web site for P27

Read more

Need to talk to us about P27?

You are welcome to contact your Cash Manager to have a dialogue about what P27 is and what it means for your business.

We welcome you as a customer.