The NPC payment schemes are designed to harmonize payments within the Nordic region. The schemes build on best practices from established frameworks, primarily the Single Euro Payments Area (SEPA). The NPC schemes are tailored to meet the unique needs of the Nordic markets. This initiative is expected to further boost financial integration across Denmark, Norway, and Sweden, offering a seamless and secure platform for both domestic- and cross-border transactions in real time.
By enabling faster, transparent, and more cost-effective payments, the NPC schemes are poised to drive innovation in the region’s financial infrastructure. The schemes support both credit transfers and instant payments, providing flexible and scalable solutions for both individuals and businesses.
“We are delighted to have reached this important moment,” said Camilla Åkerman, Secretary General of the NPC. “Our vision for a harmonized Nordic payment system has passed a major milestone today. This launch will greatly simplify transactions in our region and create new opportunities for efficient cooperation.”
This milestone marked the first successful payment processed through the scheme. More milestones related to the instant payment scheme are expected soon. Currently, 14 banks participate in the Swedish krona instant scheme, more banks are expected to join in the coming months. Additionally, Danmarks Nationalbank has decided to change the settlement of instant payments (Straksafviklingen) to the TIPS platform for the Danish krone by Easter 2025. This transition will add over 50 banks to the NPC scheme. Furthermore, Norges Bank recently announced that it will adopt the TIPS platform for instant payment settlements in the coming years. This move by Norway’s central bank is expected to add over 100 banks and service providers to the NPC schemes.
In the coming years, single and bulk payments are expected to be processed under the NPC Credit Transfer Scheme in Sweden and Denmark. The existing payment systems for Swedish krona batch transfers (the Data Clearing and Bankgiro systems) will undergo transition to Bankgirot's new credit transfer infrastructure.
The NPC payment and payment related schemes are the result of extensive collaboration between Nordic banks, payment service providers, and the bankers’ associations. They set new standards for payment processing, ensuring that transactions meet stringent security and reliability criteria. With the first NPC scheme now operational, the Nordic region is poised to lead in payments innovation, providing citizens and businesses with unprecedented convenience and transparency in financial transactions. As adoption continues to expand, the NPC will remain committed to further developing the payments schedules in response to market needs, ensuring it remains at the forefront of standardized and efficient payments.
Please find the full press release here in pdf-format.