P27 – New Nordic payments platform
What does it involve?
A Nordic initiative
The P27 Nordic Payments Platform is a Nordic initiative, through which the goal is to create shared, modern and future-proof infrastructure for payments in the Nordic region. This is a collaborative project involving the banking industry, with the objective of promoting trade between the Nordic countries by facilitating real-time, cross-border payments. For Handelsbanken, this represents a major initiative, and preparatory measures for the transformation that P27 will entail are currently a major focus area.
The existing infrastructure for payments is outdated, and a more flexible, modern platform is needed. As a customer, you will notice, and be able to benefit from, the changes that the P27 project will bring in the next few years.
Further down the page, you can find information about how P27 will affect you as a customer, the time schedule, and what you will need to do.
At present, the P27 Nordic Payments platform is awaiting the necessary licences from public authorities in order for its operations to start up. The information on this page is conditional upon the company being granted these licences.
You can read more about the new payments platform and the collaboration on the P27 website.
Advantages of the new platform
- A stable system with a high operational reliability
- Improved existing payment services
- Enables new payment types
- New services can be introduced faster
What changes are coming within payment messaging?
- What is ISO 20022?
- What benefits does the ISO standard bring?
- What preparations for the new file formats are needed, and when?
How will the new payments platform affect me as a customer?
Initially, the transition to the new payments platform will not involve any major changes for our private customers. You will be able to carry out your invoice/supplier payments to both Bankgiro and Plusgiro as usual. Swish will also work as usual, as will payments for salaries, pensions and benefits. However, you may notice a number of improvements to these services. You will be able to include a longer text in the reference field, for example, and payments will be carried out faster.
For corporate customers, the new payments platform will lead to certain changes. Further down the page you will find information about how these changes will affect your company.
In the long run, the new payments platform will mean that new services can be introduced. Several are already in the pipeline, and others will be developed by the banks and other creative players on the market.
Among the services already planned are improved possibilities for carrying out real-time payments (instant), and a new service which involves the presentation and payment of invoices, which will eventually replace the Bankgiro direct debit and e-invoice services.
Once the P27 project has been introduced in all the Nordic countries, these payment services will run smoothly across national borders, irrespective of the currency you wish to use.
The P27 project will be ongoing for several years, in many different stages. The first part of the migration relates to payments in SEK within Sweden, and will run between 2022 and 2024. The migration from the payments platform used by Swedish banks to P27 is led by a transformation committee within the Swedish Bankers’ Association. You can read more at the Swedish Bankers’ Association’s website.
What do you need to do?
For private individuals, the introduction of P27 will not result in any major changes. Corporate customers that use file communication with the Bank will notice the changes the most, as a new file format may be required. An important part of the planned transition is that file communication must take place using the ISO 20022 format standard. Older formats will thus be phased out. Our recommendation is that you contact your system provider to ensure that your business system can be adapted to the planned changes in payments infrastructure (P27-compatible)
If your business system is linked to Handelsbanken via Bankintegration or Affärstjänster, you don’t have to do anything. We will make sure that your automated procedures continue to work during the transition. If the system doesn’t meet the new requirements, it must be further developed. If this is not possible, the system must be replaced. In this case, we can recommend one of the systems that are integrated with Handelsbanken via Bankintegration or Affärstjänster.
Direct file communication with Bankgiro will be closed down
If you use direct file communication with Bankgiro (usually BGLink), you will need to change this solution, as Bankgiro will be replaced by P27. In the future, all communication is to go through the banks. If you don’t already have a communications solution with your bank, you will need to arrange this.
New file formats in accordance with ISO standard
In conjunction with the transition to P27, the modern, internationally established ISO 20022 format standard is to be used for payment files. This will replace the main local file formats used for domestic payments/payment information in Sweden, for example, LB, KI, and BGMax.
The first old file formats to be phased out will be LB, KI, and UTLI/SISU. This will take place in Q1 2022. More information is available under the section for System providers.
Management of credit notes
Following the transition to ISO 20022 and the Nordic Payments Council (NPC) regulations, the management of credit notes will change. Payment orders must state a positive amount. This means that single credit notes cannot be entered into the banking system. A credit note can still be part of a payment, but the monitoring and settlement must be handled by your own system. Hence, if credit notes are part of a payment, this must not result in the payment amount being zero, or negative.
More detailed references
With the new standard, more detailed, structured references can be included. This may be useful for the sender, as well as the beneficiary. As a result of the changes, beneficiaries may need to review their systems and procedures for reconciliation of ledgers and bank accounts.
Business systems compatible with P27
The majority of the above changes fall within areas which are normally managed by, and therefore, affect, your business system or accounting system. This is why it’s important to check your system’s compatibility with P27 as soon as possible.
If the system already handles communication in accordance with the ISO 20022 standard, few adaptations are likely to be needed. If the supplier is not able to ensure that the system can be adapted, or the current system was developed internally, you should consider changing to another system. In this case, the best alternative is to select a suitable system which has established communications with Handelsbanken via Bankintegration or Affärstjänster.
Irrespective of the solution you choose, Handelsbanken will assist you and your system provider to carry out the adaptations that may be needed.
Questions and answers about P27
Will I still be able to register payments manually?
Yes, you will still be able to register your payments manually.
Which file formats are to be used in the future?
The format standard which will be used in P27, which is becoming increasingly dominant internationally as well, is called ISO 20022. This standard will gradually replace the existing formats, and may be used for payments within Sweden, as well as for cross-border payments.
For how long will I be able to send LB files to Handelsbanken?
Handelsbanken is planning to stop receiving LB files in Q1 2022. This format will be replaced by ISO pain.001.
For how long will I receive LB Åter files from Handelsbanken?
Handelsbanken is planning to stop sending LB files in Q1 2022. This format will be replaced by ISO camt.054 debit. Extended payment details will also be included in the camt.053 extended account statement.
For how long will I be able to send KI files to Handelsbanken?
Handelsbanken is planning to stop receiving KI files in Q1 2022. This format will be replaced by ISO pain.001.
We are an accounting firm that receives deposit information for several companies from Bankgiro. How will this work in the future?
You will need to establish communications with each bank, or go via a service agency, e.g. Pagero, which will collect the files and send them to the accounting firm (file communication with Bankgiro will not be fully replaced until 2024).
Can I do the changeover to the new file format and file transfer channels now?
Yes, you can.
Can I include all cross-border payments in the same file as local payments, or only cross-border payments within the Nordic region?
All types of payments, including cross-border payments outside the Nordic region, can be carried out in the pain.001. file format.
Will all cross-border payments be included in one back-reporting file from the Bank, or only payments from the Nordic region?
All incoming cross-border payments will be reported in the same file (camt.054 credit, camt.053, camt.053 extended).
Can I keep the supplier’s Bankgiro number in the payment file, or do I need to change this to an IBAN number?
You can still have the Bankgiro number as the beneficiary account.
How will UTLI/SISU be replaced for payments to beneficiaries outside the Nordic countries?
UTLI and SISU will be replaced by the pain.001 file format, which can be used for all payments, including all cross-border payments.
As a corporate customer, do I have to add a new service to be able to send payments in the new file format?
No, no new agreements/mandates will be required. All you have to do is to test the new file format.
How do I start sending payments in the pain.001 format in Online Banking?
No new agreements or mandates will be required. Before you can open up the Payments/Salaries [pain.001] alternative, a test file must be approved. To do this, go to File management and Administrate/Test file, and send a file. The received file will be checked, and the results can be found in Search for files/Files sent. A test report will show possible errors regarding the format or included payments. Once the errors have been corrected at source, you can redo the test an unlimited number of times. When your test file has been approved, you can start sending payment files in the new format.
What do I need to do to be able to make salary payments?
You will need the employee’s account number, and any file payments sent after 31 March 2022 must be sent using the pain.001 file format.
How do I offset credit invoices against debit invoices, and how will this netting information reach the beneficiary?
The monitoring and netting of credit invoices must be handled by the business system before the payment is created. You can only offset to the extent that the payment states a positive amount. The references for the incoming debit and credit invoices can be sent together with the payment.
How do I know that my pain.001 file is correct?
Before you send the file, you should check that it is correct in terms of format, i.e. ‘schema validation’. This is done via an XML validator (separate software). To support this check, the Bank provides XSD schemas on our web pages about schema: Validation against schemaOpens in a new window. If the file passes this test, you can also check that the content complies with the rules by testing the file in Online Banking under File management/Administrate/Test file.
For how long will I receive BGMax files from Handelsbanken?
You will receive them for as long as Bankgiro produces them. This format will be replaced by ISO camt.054 credit. Extended payment details will also be included in the camt.053 extended account statement. Notifications of incoming giro transfers via P27 will be sent in the new formats.
It may be a good idea to change to the new format as soon as possible, to avoid having to process two different types of formats during the period that Bankgiro and P27 work in parallel.
Will all banks have the same rules for the ISO files?All implementation guides will follow the NPC regulations, but there are likely to be some differences. Handelsbanken’s implementation guides for ISO 20022 can be found via the Corporate file formatsOpens in a new window.
For how long can files be sent to and from Bankgiro, for example via BG-Link?
The current plan is that this will no longer be possible after Q3 2024. From then on, all file communication will be managed by the banks themselves. In conjunction with the changeover to another communication path, you may also need to change the file format to ISO.
I send one file which concerns several banks to Bankgiro. How will this be affected?
You will need to establish separate file communications with each bank. Some system providers/service agencies may be able to offer a multi-bank solution.
Which communication solutions does Handelsbanken offer?
The easiest solution is to use the Inbox and Outbox in Online Banking. If you wish to automate transfers, direct communication between your company and the Bank’s computers can be set up, i.e. a host-to-host solution. The easiest way of ensuring a P27-enabled file management system is to select a business system that communicates with Handelsbanken via the Bankintegration service. This solution is easy to link up to, and this will automate your payment procedures.
Bankintegration (Bank integration, in Swedish only)
How do I know whether my business system meets the new requirements?
Contact your system provider to check that the system is P27-enabled. If the system doesn’t meet the new requirements, it must be further developed. If this is not possible, the system must be replaced. In this case, we can recommend one of the systems that are integrated with Handelsbanken via Bankintegration or Affärstjänster.
Which systems are P27-enabled?If the system can communicate with the Bank in accordance with the ISO 20022 standard, the conditions are good. Systems that support Handelsbanken’s Bankintegration and Affärstjänster services have these characteristics. In order to achieve full compatibility, the system must also be able to handle credit notes and references in accordance with the P27 regulations.Bankintegration (Bank integration, in Swedish only)Affärstjänster (Business services, in Swedish only)
Will OCR continue to work with P27?
Yes, OCR is an approved structured reference. However, if OCR is used, it is important that the sender enters the correct reference, otherwise the payment will be rejected.
What do I do if I can’t find the answers to my questions here?