P27 Nordic Payments has received merger approval from European Union (EU) to set up its pan-Nordic payments platform.

Founded in late 2018, P27 is a joint payments project between Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank.

The approval is seen as a major milestone in establishing one common payments infrastructure throughout the Nordics.

It will also enable P27 to start onboarding customers in in Denmark, Finland and Sweden.

In addition, the approval will allow the firm to conclude its takeover of Bankgirot in Sweden and work closely with the firm to enhance the Swedish payments infrastructure.

The approval also enables P27 to advance the preparations for the rollout of pan-Nordic payments services as well as solutions.

These include Nordic bill payments service which is said to be a pan-nordic alternative to the existing request to pay and direct debet solutions in the region.

Commenting on the development, P27 CEO Lars Sjögren said: “This is a major milestone for P27. Over the past three years, we have been building a platform that will transform the payments infrastructures in the Nordics.

“Our platform will enable domestic and cross-border payments in real-time, in batches and in multiple currencies throughout the Nordic region.”

P27 board chairman Martin Andersson added: “The EU Commission’s merger approval means that we are now a major step closer to realising our vision.

“We are excited to start preparing for on-boarding clients in Denmark, Finland and Sweden, and also to proceed and complete the acquisition of Bankgirot in Sweden.”

The P27 platform is developed to facilitate domestic and cross-border payments in real-time, in batches and in various currencies.

In June 2019, P27 and Mastercard are teaming up to offer real-time and batch payments across the Nordic markets.