Mastercard and P27 Nordic Payments Platform AB, which is owned by the six largest Nordic area banks, announced a partnership to provide what they say is the world's first platform to move real-time and batch payments across the region, according to a company release. 

P27 Nordic Payments Platform, which is jointly owned by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank, will work with Mastercard to allow instant payments between individuals and businesses across the region to replace the existing payments infrastructure with a faster, safer and more secure payment system. 

"This exciting partnership will build a world first in terms of a cross region and multi-currency faster payments area,"Javier Perez, president Europe at Mastercard, said in the release. "It is also evidence of Mastercard's vision to drive real choice by being the trusted provider of new payment experiences and broadening our reach into fast bank account flows."

The payment platform is subject to government approvals and final investment commitments.