A Finnish instant payment solution would improve resilience and consumer choice
People must have access in Finland to inexpensive, versatile and reliable methods of payment and these must function securely even in exceptional situations. An instant payment solution based on real-time credit transfers would enhance our ability to govern the systems used in making payments and would offer consumers greater choice.

”Finland needs a wider range of alternatives for making day-to-day payments. The escalation in geopolitical tensions has made this even more important. It is in all our interests, and is our duty, to ensure the resilience of payment methods in Finland,” says Member of the Board of the Bank of Finland Tuomas Välimäki, speaking at the Bank of Finland’s Payments Forum.
The Bank of Finland and the Payments Council – the national body for furthering the development of retail payments – have long emphasised the importance of payment resilience and the need for having alternative payment methods available. The aim is to develop convenient payment methods for the needs of individuals and businesses. ”The best scenario is that we could very quickly have a new retail payment system based on instant credit transfers available for people’s daily purchases,” says Välimäki.
A Finnish instant payment solution would also strengthen national security by ensuring that sensitive financial data are protected under the jurisdiction of European authorities. It would also reduce the risk of any disruptions caused by external hybrid interference or economic sanctions, and would therefore enhance the resilience of the economy.
”For a Finnish instant payment solution to emerge, all parties in the payments value chain will have to work closely together. We need bold initiatives now, and we need the first steps to be taken,” says Välimäki, addressing the Forum.