P27, a new bank-owned project bidding to create a common payments platform across the Nordic region, is weighing a bid for Swedish clearing payment firm Bankgirot.
In order to create the infrastructure, P27 wants to buy Bankgirot, the 60-year-old Swedish player which handles more than six million transactions a day. The acquisition would strengthen operational stability during the envisaged migration from Bankgirot to the new P27 platform, says a statement, and also bring in valuable knowledge of complex payments and compliance issues.
P27 is carrying out due diligence on a takeover and any deal would need approval from regulators and Bankgirot's owners, many of which are the same banks behind P27.
Lars Sjögren, designated CEO, P27, says: "The Nordic region is ahead in both the payments and fintech industry. Exploring the possibility of establishing P27 is a natural next step for the Nordic banking sector, where we aim to combine the tradition of innovation with technical advancement."