P27 - Working towards a pan-Nordic payment infrastructure - Betalingsformidlingskonferansen 2018, Fornebu | 1 November, 2018 - Finans Norge
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P27 – Working towards a pan- Nordic payment infrastructure Betalingsformidlingskonferansen 2018, Fornebu | 1 November, 2018
The Nordic payment infrastructure around summer 2017: Fragmented
along national borders with huge initiatives in the pipeline
▪ Clearing system: NICS ▪ Clearing system: STEP2
▪ System owner: Bits ▪ System owner: EBA Clearing
▪ Ongoing projects: Betalinger ▪ Ongoing projects: Instant
med Raskere Oppgjør (BRO) payments in euro (RT1)
og ISO 20022
▪ Clearing systems:
Bankgirotsystemet,
▪ Clearing systems: Dataclearingen, BIR
Sumclearingen,
Intradagclearingen,
▪ System owners: Bankgirot og
Bankföreningen
Straksclearingen
▪ System owner: Finans
▪ Ongoing projects: Framtida
Betalinfrastruktur (FBI)
Danmark
▪ Ongoing projects: Pre-study
of further modernization
initiatives
2Early 2018, seven major Nordic banks* agreed on a common vision and
some core principles
The vision of P27 is to … … following some guiding principles
1 P27 should support a level playing field
among PSPs in the Nordics
2 The common infrastructure should be
Establish within the Nordic
based on a modular approach
countries the world’s first
integrated region for domestic 3 P27 should align on international
and cross-border payments in standards as a ground rule
multiple currencies through an 4 Simplification may require sacrifices in
open-access, common terms of product and service offerings
infrastructure that should deliver
state-of-the-art payment 5 Project planning should ensure early
benefits and respect obligations
experiences to customers
across the Nordics 6 Transparency during the entire project is
a key priority
7 P27 should aspire to the highest level of
overall risk mitigation and resilience
1 Danske Bank, DNB, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank
3P27 can bring significant benefits for …
The Nordic banking communities … … and for society and end-users as well
Increased
Potential
efficiency in
lower vendor
in payments
costs
handling
Increased
Stronger marked Instant
Potential
voice in integration payments
reduced
international (goods, across the
internal costs
fora services, Nordics
labor)
More
Better
innovation in
foundation
payment
for
products and
innovation
services
4P27 target state design is organized in two layers
Layer 1: Single Nordic clearing platform
1 ▪ Mandatory for all participants
▪ Batch and instant
Layer 2: Standardized and shared pan-
Nordic solutions
1 2 3 2 ▪ Optional for participants
▪ Clearing services and payment
products
Outside P27: Country or region-specific
3 products and services, incl. customer-to-
bank processes
5Target is to sign with vendor before end of Q1 2019; next step is to
down select vendors Completed
Timeline to signing with final vendor
Early July CEO meeting - approved initiating the RFP to shortlisted vendors
Mid July Initiated RFP followed by vendor Q&A
September Received RFP responses and began workshops and vendor evaluation
October Ranked vendors based on design, delivery and commercial
Mid October Down select vendors that will go into negotiations
Today
Customer reference visits, migration deep-dives, and discussions
November
on commercial terms
December /
Technical deep-dives and site visits
January
Q1 2019 Sign contract with final vendor1
1 Subject to potential competition law requirements, including compliance with a stand-still obligation
6A dual entity structure to govern P27 has been suggested
Collaborative cross-border regulator
and central bank oversight
▪ Cost-plus limited ▪ Owns and
liability company manages different
▪ Responsible for all P27 Operations
P27 Scheme Management schemes
operational entity ▪ Governance
activities principles similar to
▪ Outsources the EPC structure
operational for SEPA schemes,
activities to the but with adaptions
Owners 4 Nordic NBAs
vendor to the extent and simplifications
possible ▪ To be established
▪ To be owned by Board of Directors SME1 Board and governed by
banks or bank- the national bankers
owned companies associations
Secretariat
P27 Operations
Rulebook
management
committee
Vendor
Working groups
Dual entity structure allow complete separation of governance operational activities and scheme management
(similar to other payment infrastructures in Europe, e.g. EPC)
7Milestones for P27
Description of milestones to be achieved
▪ Finalize migration plan
Fall 2018 ▪ Register P27 Operating Entity
▪ Set up P27 Scheme Management Entity
▪ Receive feedback from decisions in banking communities
Q1, 2019
▪ Go/no go decisions by P27 CEOs
▪ Sign contract with vendor, subject to compliance with
potential standstill obligation
▪ Obtain merger clearance
Q2-Q4, 2019 ▪ Obtain clearing license
▪ Development and test
2020 ▪ Process first transactions through the P27 service
8Key external stakeholders have a positive view of P27
▪ The broader banking community are involved
through the national bankers’ associations
National
bankers’ ▪ Representatives from the NBAs participate in
associa- selected workstreams
tions
▪ Input are gathered through national sounding
boards and a Nordic reference group
Central ▪ The central banks have coordinated their dialogue
banks with P27 and stated their support of the vision
Other
public
▪ Other relevant authorities have been informed as
authorities well, with no roadblocks identified
9Questions to P27
10You can also read
