Sweden: Hammarskiöld advised Swish in connection with its authorisation to become a clearing institution

The Swedish Financial Supervisory Authority (Finansinspektionen) has granted Getswish AB authorisation to conduct clearing activities under the Swedish Clearing and Settlement of Payments Act (the Clearing Act). Launched in 2012 by Sweden’s largest banks, Swish has become Sweden’s nationwide mobile payment service and one of the largest payment solutions in Europe, used by 8.7 million individuals and approximately 300,000 companies and organisations. Swish has also been designated by the Swedish central bank (Riksbank) as an entity of particular importance to the payment system.

This is the first authorisation granted to a clearing institution under the new Clearing Act. The process involved an extensive review of Swish’s operations, particularly with respect to risk management and IT and cyber security. Hammarskiöld, with extensive experience of regulatory authorisation processes for credit institutions and payment institutions, advised Swish throughout this unique and important authorisation process.

Hammarskiöld’s team for this project was led by responsible partners:

Mattias Anjou (Partner Banking & Finance)

Supported by associates:

Emma Lindwall (Senior Associate)

Johan Löfquist (Senior Associate)

Jakob Nilsson (Associate)