Major Nordic banks are coming together to explore the possibility of a regional cross-border payment infrastructure between the different Nordic countries of Sweden, Denmark, Finland and Norway.
These banks include Danske Bank, DNB, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank.
In a statement released by the banks today:
The Nordic payment markets are among the most advanced and well-functioning in the world delivering first-class services to individuals and corporates across the region. At the same time, and despite close ties between the countries, the current payment infrastructures are highly fragmented along national borders. A harmonization of the domestic infrastructures and the products offered would ease cross-border payments and foster further trade between the Nordic countries, stimulating growth and employment.
This is not the first time the Nordic banks have rallied together to create a unified payment ecosystem. Last year, a bunch of Nordic banks merged their mobile payments into Vipps. In addition to Vipps, DNB, banking group Eika, Sparebank 1 Gruppen and others said they would also merge their debit card service into BankAxept and their online authentication services into BankID.
To learn more about cross-border payments, join us on March 5-6, 2018 at the Parc 55 in San Francisco for Bank Innovation 2018. Click here to request an invitation.
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