Amsterdam – The Banking Services, a licensed bank and financial infrastructure provider, has joined forces with the P27 Nordics payments initiative to enable the pooled clearing of Danish kroner. The Banking Department is the driving force behind this initiative and it is a pioneer. This demonstrates the bank’s commitment to building a global payment infrastructure.
Named after the 27 million residents of the Nordic region, the P27 Nordics payments initiative was initiated by several leading banks that all share the same goal of creating the world’s first digital platform that enables businesses and consumers to process real-time, domestic and foreign payments. The initiators believe that payments should be faster and cheaper and that collaboration is how this can be achieved.
Anders La Cour, CEO and Co-Founder of the Banking Circle: “We want to provide a global financial infrastructure for financial institutions and banks that is simple, fast and cost-effective. We’re going to fulfill this mission. For example, in 2019 we received our banking license and are constantly investing in integrating an extensive network of local clearing and payment systems. Thanks to our participation in P27, we can integrate a new territory. As an already active member of the Scandinavian Society and the Scandinavian Payments Board, joining P27 was the next logical step for us. As part of this initiative, we can enable our partners to provide their customers with faster, easier and economical payments to and from this region. ”
Martin Georgzén, Chief Strategy Officer and Head of Business Implementation at P27: “The P27 is an extension of Nordic traditions of technological innovation and collaboration in various sectors, including banking. We are connecting our collective resources, competencies and ambitions to create a platform that will truly transform payments for everyone in the region. By aligning our standards with SEPA standards, P27 will bring more harmonization to the European payment landscape.Banking Circle, by joining P27, demonstrates a commitment to supporting new developments in payments that are in the interest of the entire region. Our vision is to provide better payments and we look forward to working with this specialized organization to make cross-border payments as easy as sending an SMS. “
The Banking Department is a provider of innovative financial infrastructure to payment institutions and banks. As an institution with a banking license and without outdated systems, Banking Circle offers payment institutions and banks the opportunity to respond quickly and at low cost to opportunities in the new economy. In addition, clients of the Banking Department benefit from high compliance and security standards. There is also direct access to the clearinghouse. Banking Circle contributes to financial inclusion by enabling thousands of companies to trade internationally in a way that was not previously possible. This is true for everything from bank accounts and loans to international payments, transaction processing and currency trading. The Banking Circle is owned by EQT VIII, EQT Ventures, and the original founders. The main office is located in Luxembourg. Banking Circle also has offices in Denmark, Germany, the United Kingdom and the Netherlands.
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