Project 27 Establish Within the Nordic Countries, the World’S First Integrated Region for Domestic and Cross-Border Payments Who We Are?

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Project 27 Establish within the Nordic countries, the world’s first integrated region for domestic and cross-border payments Who we are?

Founding Banks CB’s

Danske Bank, DNB, Handelsbanken, Nordea, OP Financial Group, The central banks have coordinated SEB, Swedbank their dialogue with P27 and stated their support of the vision

NBA’s Other public authori:es

• The broader banking community are Other relevant authoriKes have been informed involved through the national bankers’ as well, with no roadblocks idenKﬁed associations • Representatives from the NBAs participate in selected work streams • Input are gathered through national sounding boards and a Nordic reference group

2 Our goal?

Establish within the Nordic countries the world’s first integrated region for domestic and cross-border payments in multiple currencies through an open-access, common infrastructure that should deliver state-of-the-art payment experiences to customers across the Nordics

3 What will we achieve?

P27 should support a The common P27 should align on level playing field infrastructure should international among PSPs in the be based on a standards as a ground Nordics modular approach rule P27 should aspire to the highest level of overall risk mitigation and resilience SimplificaAon may Project planning Transparency during require sacrifices in should ensure early the entire project is a terms of product and benefits and respect key priority service offerings obligations

4 What do we start with?

Clearing system System owner EBA Ongoing projects Step2 clearing Instant payments in Euro (RT1)

Clearing system System owner Bits Ongoing projects NICS BRO & ISO20022

Clearing system System owner Ongoing projects Bankgirotsystemet, Bankgirot og Framtida Dataclearingen, BIR Bankföreningen Betalinfrastruktur Clearing system System owner Ongoing projects Pre- (FBI) Sumclearingen, Finans Danmark study of further Intradagclearingen, modernization Straksclearingen initiatives

5 How do we approach this?

Layer 1 – Single Nordic clearing platform Layer 3 Platform providing support for Instant Payments, Batch Payments, Creditor Payment Activation Request and Interbank Debits through the Layer 2 ISO 20022 messaging standard

Layer 2 – Standardized and shared pan-Nordic solu

Layer 3 – Country or region-speciﬁc products and services, incl. customer-to-bank processes CompeHHve space not covered by P27

6 How do we manage this?

Collaborative cross-border regulator and central bank oversight

Cost-plus limited P27 Operations P27 Scheme Management entity Owns and manages liability company different schemes • Responsible for • Governance all operational principles similar to activities Owners 4 Nordic NBAs the EPC structure for • Outsources SEPA schemes, but operational activities Board of Directors SME Board with adaptions and to the vendor to the simplifications extent possible • To be established and • To be owned by banks P27 Operations Secretariat governed by the or bank- owned national bankers companies Vendor Rulebook management commiFee associations

Working groups

7 What’s next?

Current State • P27 company being established • P27 Vendor being finalized

Go-live • 1st transac@on processed through P27 by 2020

Opportuni2es • Interoperable Mobile Payments • Nordic e-Invoice solu@ons • Nordic Aliasing and Proxy Services • Common approach to Sanc@on screening and AML