[ad_1]
P27 Nordic Funds (P27) has withdrawn its clearing licence utility from the Swedish Monetary Supervisory Authority, casting doubt on the grand undertaking’s future.
P27 withdraws clearing licence utility
That is the group’s second utility for a clearing licence, lodged in 2022, after its preliminary utility was rejected in 2019.
The withdrawal additionally comes after Denmark’s banking sector determined to go ahead with different fee modernisation plans separate to the P27 undertaking. Sweden additionally intends to observe the same path.
P27, a joint initiative between Danske Financial institution, Handelsbanken, Nordea, OP Monetary Group, SEB and Swedbank, says “new necessities and laws” have challenged its working mannequin.
The truth that P27 is not going to deal with Swish-flow in Sweden and the current resolution by the Danish banking sector “has put the corporate in a brand new place”.
P27 CEO Paula de Silva says the group is now “in a dialogue” with its financial institution members “to judge the most effective choices going ahead”.
“Our imaginative and prescient was to supply a greater funds infrastructure to the 27 million folks dwelling within the Nordics, with an optimistic timeline.
“Currently, it’s evident that our imaginative and prescient was too formidable and complicated.”
P27 was set to be the biggest regional, cross-border, immediate fee undertaking ever tried, linking funds between Sweden, Norway, Denmark and Finland.
[ad_2]
Source link
