Underlining its ongoing commitment to cultivating an efficient global payments infrastructure, the financial infrastructure provider Banking Circle has joined the P27 Nordic payments initiative as a front-runner bank in creating bulk-clearing for the Danish Krone.
The P27 initiative has been acknowledged as a vital avenue to addressing the disparate clearing systems currently operating across the Nordic region. Banking Circle views its membership of the scheme as a crucial catalyst towards removing the excess cost and time currently experienced in domestic and cross-border payments to and from the Nordic region.
Banking Circle holds an important role in the initiative, as a key driving force in the creation of clearing for the Danish Krone.
“At Banking Circle we have a vision to offer a global financial infrastructure to Payments businesses and Banks serving the e-commerce marketplace that is simple, fast and low cost. We are already heavily committed to achieving this goal having secured our Banking Licence in 2019 and with sustained investment in integrating a vast network of local clearing and payments schemes,” comments Anders la Cour, the co-founder and Chief Executive Officer of Banking Circle.
“Our membership of P27 means we are tackling another region in the global economy,” Anders continues. “Banking Circle is already an active member of the Nordic community and a member of the Nordic Payments Council. Joining P27 was, therefore, the next natural step for us. As part of this initiative, we will be able to provide our Bank and Payments business partners with the ability to offer their customers faster, easier and lower cost payments to and from the region.”
P27 – which gained its numerative title from the 27 million people it serves across the Nordic region – is an initiative formed between several leading banks that together share a common goal in creating the world’s first digital platform.
The platform allows businesses and consumers to process real-time, domestic, and cross-border payments. Like Banking Circle, P27 strongly subscribes to the belief that payments should be faster and cheaper; and that collaboration is the most efficient way in which this can be achieved.
Martin Georgzén, Chief Strategy Officer and Head of Business Execution of P27 added “P27 is an extension of the Nordic tradition of technological innovation and cooperation seen across industries including banking. We are connecting our collective resources, competence, and ambition to create a platform that really will transform payments for everyone in the region. By aligning our standards with this of the Single Euro Payments Area (SEPA), P27 will bring further harmonisation to the overall European payments landscape.”
Martin continues “In joining the P27 partnership, Banking Circle is demonstrating its commitment to supporting new development in the payment space that is for the good of the region as a whole. Banking Circle shares our vision for better payments provision, and we look forward to working together on the journey towards making cross-border payments as easy as sending a text message.”
Banking Circle currently delivers access to 12 local clearing schemes through a combination of direct clearing and partner banks. In 2020 it processed 6% of European B2C e-commerce payments and €155 billion of payments volume.