Nordic markets may be already known for widespread use of digital apps and digital currency solutions, yet there is more to be done as suggested by the launch of a consultation period by the Nordic Payments Council (NPC) on its proposed rules for its Credit Transfer and Instant Credit Transfer Schemes.
This is the first open consultation by the NPC on the two schemes, which set out rules, practices and standards for interoperatbility on provision and operation of credit transfers and instant credit transfers at the interbank level for DKK and SEK.
The consultation period runs until 6 September 2019. Thereafter, the NPC will analyse and review comments received and engage in dialogue with "identified stakeholders". Any changes to the rulebook are expected to be included in the final versions of the schemes published by November 2019, before going into effect a year later in November 2020 - when the first payments made using the new schemes will be made.
The NPC stated that legacy payment rules and market practices will remain in parallel until the migration to the new schemes is complete in each market. As an organisation, the NPC's role is to support and promote the integration and development of Nordic payments. It was founded in December 2018, combining the interests of Nordic bankers' associations, banks and payment institutions covered by the PSD2 Directive. It also follows the SEPA payment schemes as closely as possible to ensure stronger integration between Nordic currencies and the eurozone payments area.