With one scheme in place and another pending, growth of 34% YOY and adoption across banks and merchants, Sweden is a developing IP market with high growth potential — and as with all the Nordics, P27 should accelerate this even further.
Its current IP platform, BIR, enables users to make direct transfers between bank accounts in real time. Launched by Bankgirot, the Swedish payments clearing system, and operating 24/7/365, it provides transaction settlement within 15 seconds for both P2P and C2B payments.
BIR offers an open infrastructure through APIs, enabling banks and non-bank payment providers to access the platform and build new services by integrating with the network. Swish was the first payments app to be integrated to the system in December 2012. The app enables users to make P2P and C2B transfers using a mobile number associated with their current account.