P27, an initiative by Nordic Banks, will make real-time multicurrency and multi-country payments a reality in the Nordics through a modern versatile, and secure platform.
Corporates need to set up connections with the banks, moving away from traditional clearinghouses, like Bankgirot.
P27 will improve payment processes locally and internationally. It's the best time to become P27 compliant and improve your payment automation and bank connectivity at the same time.
Sending payments will be as easy as sending a text message. P27 is also replacing the fragmented clearing landscape.
P27 will have the following benefits:
Set up connections with all the Nordic banks you work with.
With Nomentia, you can make sure that you are ready for the new age of payments.
Easily connect your ERP or TMS systems to make sure payments processes work flawlessly.
To make P27 a reality, the standards need to be harmonized across the Nordics. Old country-specific legacy file formats like LB, KI, UTLI, SISU, BGMax will be phased out and instead the ISO20022 XML format will be used. In the future, all file communication will be directly with the banks and older file communication solutions like BGLink will be obsolete.
To prepare for P27 Nordic Payments, corporates need to ensure that they can send payments to banks following the guidelines for new formats, prepare for reconciliation using account statements, and have established communication channels with the banks. Either you handle this through your ERP provider, or you need to find a partner that can help you transition (full disclaimer: like us).
Valmet wanted to create consistent automated processes for payment management and reconciling and posting customer payments in its international Financial Service centers.
The Payment Factory centralizes most of NCC's supplier payments into one process. NCC saves time and money, has more control over cash flows, and avoids manual work.
Sirkku Markula, Corporate Treasurer, Senior Vice President, KONE Corporation