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P27: Simplifying payments in the Nordics

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With nine different clearing systems, outdated payment platforms and multiple overlapping products across borders, you may experience barriers and complexity when doing business across the Nordics, and you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 planned 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.
Why use the standardised ISO 20022 XML format?

Today, many companies operating in several markets are struggling with simple things such as handling incoming and outgoing payment files. Each market has its own payment types containing various types of  information, and the file formats differ between countries. This makes it hard to achieve a harmonised payment process across markets. 
 
Converting to the ISO 20022 XML format offers many benefits and will result in fewer steps and manual processes when sending a payment, making your daily work easier.   

Watch the video to learn more about the benefits the format offers your business and what you should consider when changing to it. 

To consider – Corporate customers

File communication directly to the bank instead of Bankgirot

Within the next few years, payments that are currently being made via Bankgirot, are planned to be handled via the new P27 Nordic Payments Platform. This means that all file communication should go via the banks instead of Bankgirot. You may therefore need to review the company's file communication with the bank and ensure that your company does not have a direct connection to Bankgirot (often Bankgiro Link). Do not hesitate to contact your advisor about the coming changes and any adjustments you may need to make.

Business and payroll systems should support the ISO 20022 file format

The new payment platform is based on a common ISO standard for file formats – ISO 20022 XML – and it will replace all Swedish file formats such as Leverantörsbetalningar LB, Bankgirolön (KI) and Bankgiro Inbetalningar (BgMax format). We recommend you to contact your company's system vendor to ensure that they can support the new file format.

Read more about the file format here 

Temporary conversion solution for Bankgirots Leverantörsbetalningar LB and Bankgirolön (KI)

During a transition period, you can continue to send your LB and KI files to Danske Bank through Danske Bank Leverantörsbetalningar och Danske Bank Löner. These services are temporary, and therefore the functionality is slightly limited compared to Bankgiro's current services.

Credit notes should be handled by your system supplier

Handling and monitoring of credit notes will no longer be done by Bankgirot, and must be done by your system supplier. The ISO 20022 XML format allows you to specify invoices and credit notes for a certain payment, so that the payee receives relevant information.

More references for each payment

With the planned payment platform, there is room for more references in each payment, which makes it easier for both payer and receiver. The receiver of the payment may need to review reporting and reconciliation routines as a result of the new standard.

More about payments

The planned payment platform, will also lead to faster payments and the ability to send longer messages compared to  what is possible today (up to 140 characters). It is therefore a good idea to explore how to best adapt and use this in your reporting and accounting procedures. It will also be mandatory to enter the recipient´s name. 
Payment, pensions, social security and benefit payments should also be marked with new codes (SALA, PENS or SSBE). More information is available on our website under format descriptions.

To consider

  • To consider - Personal customers

    As a private customer, you can continue to make payments as usual

    The move to the new payment platform P27 does not have a significant impact on you as a private customer. You can continue with your payments to suppliers via Bankgiro and Plusgiro and your autogiro payments are unchanged. Swish works as usual, as well as the payments you receive into your account, for example salaries or allowances. As a private customer, you will notice some improvements, such as payments reaching the recipient faster, and payments may contain more information than before.

    In the long term, Danske Bank will launch updated payment services, which include the possibility of real-time payments across national borders and a new Nordic service which is intended to replace today's e-invoice and autogiro.

    Further along, when the other Nordic countries have started using the new payment platform, it will be easier to make payments in the different Nordic currencies and Euro across the Nordic boarders.

  • To consider - Business and Salary systems (ERP-systems) 

    File communication - Bankgiro formats will be replaced by ISO 20022

    File format
    ISO 20022 XML is the file format of the future, but can be used already today. There are several advantages compared to the Bankgiro formats, including increased ability to follow up on the status of payments, and references that follow each payment all the way from initiation to reconciliation.
    Danske Bank recommends that you start preparing the transition to ISO 20022 XML as soon as possible.

    Files to and from the bank
    All technical file communication will in the future have to be with Danske Bank, and not Bankgirot. Danske Bank offers several ways to send and receive payment files.

    Temporary conversion solution for Bankgirots Leverantörsbetalningar LB och Bankgirolön (KI)
    During a transition period, corporate customers can continue to send their LB and KI files to Danske Bank via Danske Bank Leverantörsbetalningar and Danske Bank Löner, but with somewhat limited functionality compared to Bankgiro's current functionality. These temporary products are available only for a transitional period.

    Support for adaptation
    For questions about format and connectivity, please visit www.danskebank.se/ints

    Handling credit notes
    Management and monitoring of credit invoices will no longer be handled by Bankgirot, and must be managed by your business system. The ISO 20022 XML format allows you to specify invoices and credit notes, so that the receiver of the payment gets relevant information.

    Reference information
    The planned payment infrastructure will enable payments with Extended Remittance Information (ERI). The amount entered for the payment is validated with the amount entered per invoice.

    Account Matching
    Account reconciliation files will have more comprehensive reference information to facilitate reconciliation. The file format should be ISO 20022 XML, so-called CAMT files.

    Learn more about Danske Bank's file format and implementation specifications at www.danskebank.com/ints.

  • To consider - Service bureaus

    As a service bureau with direct communication to Bankgirot, communication needs to be directed to Danske Bank in the future. Danske Bank describes at www.danskebank.com/ints how this communication can be set up, but we recommend that you in case of questions always contact the bank before starting.

    A service bureau should investigate how the business and salary system is adapted to the changes that will come with the new payment platform. The handling of file communication should be done according to the ISO 20022 standard. Otherwise, you will need to consider changing the system vendor. Danske Bank can advise regarding this.

    Learn more about Danske Bank's file format and specification for implementation at www.danskebank.com/ints.

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.

Your payments will be simpler, faster and more secure

  • Simpler – you only need to use one payment format. The new standard format will be ISO 20022 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

Customer benefits

Our vision is to be recognised as the most trusted financial partner. We want to help our customers become financially confident and help them build their lives and businesses on a solid financial foundation. By being part of P27, Danske Bank can provide the foundation for future innovation and enable customers to be more financially confident in the pursuit of achieving their dreams and ambitions.


Instant cross-border payments

Instant capabilities for domestic and cross-border payments for the four Nordic currencies


Standardisation across the Nordics

Improved access to new markets as P27 will be based on European standards adapted to the Nordic markets’ requirements.


Improved reporting offerings

Potential to leverage transactional data for improved reconciliation processes and liquidity overview to ensure efficiency and standardised reporting.


A world of possibilities

Enable higher security and fraud prevention and new payment services

Questions & Answers

About P27

  • P27 is a new payment infrastructure with the goal of enabling payments within and between the Nordic countries in real-time, with standardised rules and payment standards. 
  • The current infrastructures in the Nordic countries are outdated. To initiate a collaboration and together establish a Nordic payment infrastructure provide great benefits, both for the banks’ customers and society as a whole. There are market expectations to standardise, simplify and improve cross-border payments in the Nordic currencies. Many of Danske Bank’s customers are Nordic or global businesses and will benefit from the standardised payment format and harmonised processes. 
  • The new payment infrastructure will make it simpler, faster and more secure to send and receive payments in the Nordic countries through one unified payment format and one clearing platform. 
  • Danske Bank, Nordea, SEB, Swedbank, Handelsbanken and OP Financial Group have together invested in the company P27 Nordic Payments and own P27 with the purpose of establishing a Nordic payment infrastructure. 
  • P27 Nordic payments AB has announced the ambition to acquire Bankgirot. In May 2019, P27 announced that they initiated an evaluation to explore the potential of acquiring Bankgirot. The acquisition is still subject to approval by the European Commission and the Swedish Financial Supervisory Authority.
    P27's acquisition of Bankgirot is an important part of the ambition to build a stable Nordic payment infrastructure. The stability of Swedish payment infrastructure is a top priority.

Questions & answers about

How this affects you as a customer

  • The ambition with the new payment infrastructure is to create a common and future proof infrastructure across the Nordic countries that makes it easier to send and receive payments. For business customers with file communication, this will entail changes, e.g. new file formats and improved cut-off times. It is our recommendation to start transitioning to the new standard format ISO 20022 XML, and we will of course support you in the process.
  • The work on the new payment infrastructure will run for several years with the first phase in 2022-2023, regarding payments in Swedish krona (SEK) in Sweden. More information about the Swedish transformation plan can be found on the Bank Association website. We continuously inform our customers to ensure that the change is prepared in the best way.

  • Payments in SEK, DKK and EUR are affected, both within and between the Nordic countries.

    If and when today's payment types are affected, can differ between what bank you use and is a consequence of when payments are made available on the platform as well as the sector common transformation plan for Sweden to ensure a safe and secure transition to the new platform.

    Danske Bank's plan is to launch the new solutions gradually.

    • In step 1, it will be possible to do account transfer and salaries in Sweden.
    • In step 2, we introduce giro payments in Sweden.
    • Thereafter, we will gradually introduce payments in other currencies and countries as well as real-time payments as they become available on the new payment platform.

  • There is a great deal that will change over the next few years. As a customer of Danske Bank, better control is achieved around the payment process with simpler, safer and faster payments and here are some additional examples.

    • Payments can be sent later in the day and still reach the recipient the same day.
    • Real-time payments are introduced within and between countries.
    • Payments contain more information.
    • Files sent directly to Bankgirot today will be sent to the bank instead.
    • The ISO 20022 XML file format becomes standard for Nordic payments.
    • It is easier to make payments as there are fewer types of payments within Sweden and the Nordic countries.
  • Yes, in the new infrastructure there will be an alias register and your Bankgiro number will be registered there. So you will keep your current Bankgiro number and will be able to continue receiving and making payments to other Bankgiro numbers entered in the register.
  • It is possible to continue using OCR numbers on invoices. OCR numbers will be validated by the sending bank, allowing recipients to improve their reconciliation processes.
  • Danske Bank already supports ISO20022 XML, which is the format that will be used in the future. To get started with the format, you need to ensure that your business- and salary system can send and receive files in ISO 20022 XML.
    There are format descriptions on our website for today's payment types and we will update them with the necessary adaptations to send the new Nordic payment types as they become available.

  • Yes. However, as with today's foreign payments, it is a requirement that the actual payment should be greater than zero. Today's solution to send zero payments is therefore not supported in the future. If you want to send a payment containing credit notes, you can use extended remittance information, ERI. On the new payment platform, it is possible to send up to 999 invoices in one payment and mark whether the invoice is a credit or not. The total amount is also checked by the sending bank.

    By using ERI, the recipient is informed that credit notes have been deducted from the total amount of other invoices. This applies if the receiving bank supports the ERI which we at Danske Bank intend to do.
  • No, this is a service that will not be offered on the new payment platform. The payment must be above zero to be sent to the recipient. Many business- and salary systems now have the opportunity to verify that the payment is above zero as this is already standard for foreign payments and payments in other countries.

Other questions

  • P27 is the company that establish the new infrastructure. Mastercard is the supplier to P27 that will build and make the technical platform available. 
  • The name P27 is derived from the number of citizens in the Nordic countries, 27 million individuals.

Questions?

Call Kundservice Företag at + 46 752 48 49 30

Related information

File format / Specification for implementation   |   P27 company   |   Banking Association

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