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With nine different clearing systems, outdated payment platforms and multiple overlapping products across borders, you may experience barriers and complexity when doing business across the Nordics, and you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

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