# Finland — payment codes and schemes

> Source: https://docs.barcoder.ai/docs/payments/FI
> extracted at 2026-10-06
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

## Summary

- **Siirto** is Finland's real-time mobile payment system (1.4+ million users)
- **Pivo** (OP Bank) is a major mobile wallet with QR payment support
- **MobilePay** (Vipps MobilePay) also available since Nordic merger
- **TIPS** connected via Bank of Finland (Eurosystem member)
- **Three major banks** (Nordea, OP, Danske) hold 70% market share

## Banking landscape

### Central Bank
- **Name:** Bank of Finland (Suomen Pankki)
- **Website:** https://www.suomenpankki.fi/
- **Role:** Eurosystem member, TARGET Services national center

### Major Banks (2024)

| Rank | Bank Name | Total Assets (EUR) | Market Share | Type |
|------|-----------|-------------------|--------------|------|
| 1 | Nordea Bank Abp | 623,360 M | 63.11% | Domestic (HQ in Finland) |
| 2 | OP Financial Group | ~161,000 M | ~16% | Cooperative |
| 3 | MuniFin (Kuntarahoitus) | 53,092 M | 5.38% | Municipal |
| 4 | Danske Bank Finland | ~40,000 M | ~4% | Danish subsidiary |

### Market Structure
- **Big Three:** Nordea, OP Financial Group, Danske Bank
- **Combined Share:** 70% of market (per EBF)
- **Nordea:** Largest by assets (63.11%), HQ relocated from Sweden 2018
- **OP:** Largest by customer market share (cooperative model)

### Corporate Banking (2023 Survey)
- **Nordea:** 100% penetration among top-tier companies
- Dominant position in Finnish corporate banking

---

## Payment infrastructure

### National Payment Systems

| System | Operator | Type | Status |
|--------|----------|------|--------|
| TARGET/T2 | Eurosystem/BoF | RTGS | Active |
| TIPS | Eurosystem/BoF | Instant payments | Active |
| Siirto | Automatia (Loomis) | Real-time mobile | Active |

### Bank of Finland's Role
- National center for Eurosystem TARGET Services
- Supports Nordic TARGET participants
- 51 participants in Finland/Nordics use Bank of Finland TARGET component (end 2024)
- Supported Nordic countries' migration to TIPS in 2024

### TIPS Status (2024)
- Finland connected as Eurozone member
- TARGET Services operated without significant incidents in 2024
- Bank of Finland supports instant payment introduction per European standards

### Finnish Instant Payments Rulebook (Autumn 2024)
- Joint market output completed
- Rulebook + governance model established
- Enables instant payment compatible with European standards
- Bank of Finland prioritizing instant payment service introduction

### EU Instant Payments Regulation
- **January 9, 2025:** PSPs must receive instant credit transfers
- Non-bank PSPs can join TARGET directly (per July 2024 ECB policy)

---

## QR code standards

### Siirto QR

| Attribute | Value |
|-----------|-------|
| **Standard Name** | Siirto |
| **Type** | Real-time mobile payment |
| **Operator** | Automatia (owned by Loomis) |
| **Users** | 1.4+ million |
| **Compatible Banks** | Nordea, OP, S-Pankki, Ålandsbanken |

#### QR Payment Features
- Users can create QR code for others to pay them
- Phone number-based transfers
- Real-time account-to-account
- Strong user identification

#### Compatible Apps
- **Nordea Siirto:** Dedicated Siirto app
- **OP-mobile:** OP Bank's mobile app
- **Pivo:** OP's mobile wallet

### Pivo QR Payments

| Attribute | Value |
|-----------|-------|
| **Type** | Mobile wallet |
| **Operator** | OP Financial Group |
| **QR Use Cases** | Student diners, online payments |
| **Payments** | Siirto, bank transfer, card payment |

#### Pivo Features
- QR code payments at partner locations (student diners)
- Online shopping via Pivo button
- Accept payment in app (bank transfer, Siirto, or card)
- NFC payments (Android + OP Visa only)

### MobilePay (Vipps MobilePay)

| Attribute | Value |
|-----------|-------|
| **Type** | Nordic mobile payment |
| **Status** | Active (post-merger) |
| **Nordic Users** | 11.5 million total |

- Part of Vipps MobilePay merger (2022)
- Finnish users on unified platform (2024)
- QR code payments at merchants

### Invoice Barcode Scanning
- Nordea Mobile: "Scan invoice" feature
- Scans barcode on Finnish invoices
- Pre-fills payment details

### EPC QR Code in Finland

| Attribute | Value |
|-----------|-------|
| **Standard Name** | QR code in credit transfer forms (Finnish profile of the EPC QR, based on the EPC "Quick Response Code: Guidelines to Enable Data Capture for the Initiation of a SEPA Credit Transfer") [14] |
| **Publisher** | Finance Finland (Finanssiala) — "Guidelines for the QR code in the Credit Transfer Forms", July 2015 [14] |
| **Symbology** | QR Code, max version 13 (331-byte payload) [14] |
| **Placed on** | Credit transfer form (tilisiirtolomake), top-right corner [14] |

- The QR code was added to the Finnish credit transfer form template in **February 2014**, in the spot previously used for the BIC; the QR code and the domestic bank bar code "will at first function side by side" [14].
- Finance Finland states that QR codes "will in the future replace bank bar codes in the Single European Payments Area" [14].
- Unlike the bank bar code, the QR code can be used whether the invoice carries a reference number or a free-text message [14].
- Payload: `BCD` / version `001` / character set (UTF-8 recommended) / `SCT` / BIC (mandatory, BIC only) / beneficiary name (≤70) / IBAN (IBAN only) / `EUR` amount (0.01–999999999.99) / purpose code / creditor reference **or** unstructured remittance (140) / beneficiary-to-originator information, where the **due date** is entered first as `ReqdExctnDt/YYYY-MM-DD` [14].
- The creditor reference field accepts an RF Creditor Reference (ISO 11649) or a domestic reference number [14].
- Print size: X-dimension 0.5 mm, max 3.5 cm × 3.5 cm; smaller X-dimensions not recommended [14].
- Scanning: the QR code is read with a mobile bank's QR reader and shown as a payment proposal; each bank sets its own schedule for supporting it [14].
- Example from the guideline: `BCD` / `001` / `1` / `SCT` / `OKOYFIHH` / `Asiakas T. Meikäläinen` / `FI7944052020036082` / `EUR158.24` / (empty purpose) / `RF07663321328510` / (empty remittance) / `ReqdExctnDt/2014-01-22` [14].
- The EPC QR guidelines were used in Finland in 2015, and Finland is listed among the countries supporting EPC QR codes on invoices [17].

### Virtuaaliviivakoodi / Bank Bar Code (Pankkiviivakoodi)

| Attribute | Value |
|-----------|-------|
| **Standard Name** | Bank Bar Code (pankkiviivakoodi); its 54-digit human-readable form is the *virtuaaliviivakoodi* [13][19] |
| **Specification** | Bank Bar Code Guide v5.3 (8 Nov 2012, corrected 21 Oct 2019), Finance Finland [13]; Finnish/Swedish edition *Pankkiviivakoodi-opas* v5.3 [12]; both listed among Finance Finland's current technical documents [11] |
| **Symbology** | Code 128, Character Set C only (ISO/IEC 15417), numeric only, fixed length [13] |
| **Versions** | 4 = IBAN + national reference; 5 = IBAN + RF reference (version 2 removed in v5.3) [13] |

- Structure (54 digits): version (1) + IBAN without `FI` (16) + euros (6) + cents (2) + reserve `000` (3, v4 only) + reference (20 national in v4 / 23 RF-numeric in v5) + due date `YYMMDD` (6) [13].
- Only printable for IBANs starting with `FI`, and only when the invoice uses a reference number; size 70–105 mm long, 10.0–12.7 mm high [13].
- Readable "on an ATM, at a bank payment centre, with a mobile application, or with a reader connected to a PC" [13].
- Nordea Mobile lets users pay invoices without typing by scanning them with the camera or by using the virtual barcode [18].
- If the credit transfer form includes a bar code, version 5 must be adopted together with the RF Creditor Reference [16].
- Spec example (v4): `458101710000001220004829900000000559582243294671120131` (FI58 1017 1000 0001 22, €482.99, ref 55958 22432 94671, due 31.01.2012) [13].
- See `reports/standards/virtuaaliviivakoodi.md` for full detail.

### Reference Conventions (Viitenumero and RF)

- **Viitenumero (national creditor reference):** 4 to 20 digits (19 + check digit), printed in groups of five, leading zeros omitted [15].
- **Check digit (7-3-1):** weight the digits right-to-left by 7, 3, 1, 7, 3, 1…, subtract the sum from the next full ten (10 → 0). Example: `123456` → check digit 1 → `12 34561` [15].
- **RF Creditor Reference (ISO 11649):** begins `RF` + two check digits (IBAN algorithm), max 21 alphanumeric characters, printed in groups of four from left to right; examples `RF54 1234`, `RF98 REF1 234` [16].
- RF references may now be freely formed per ISO 11649 instead of being derived from a Finnish reference (the guide gives 19 November 2023 in the body and 18 November 2024 in its cover note) [16].
- Banks validate the Finnish reference with the Finnish algorithm and the RF reference with ISO/IEC 7064 MOD 97-10; payers must not convert one type into the other [16].
- RF can be used in Finvoice e-invoices (`EpiRemittanceInfoIdentifier`), SEPA Direct Debit and QR codes [16].
- No decision has been made on discontinuing the Finnish creditor reference [16].

---

## Mobile payment apps

| App Name | Bank | Siirto | QR | TIPS |
|----------|------|--------|-----|------|
| Nordea Mobile | Nordea | Yes | Yes | Yes |
| Nordea Siirto | Nordea | Native | Yes | Yes |
| OP-mobile | OP | Yes | Yes | Yes |
| Pivo | OP | Yes | Yes | Yes |
| Danske Bank | Danske | No | Limited | Yes |
| MobilePay | Vipps MobilePay | No | Yes | N/A |

### Nordea Mobile Features
- Siirto real-time payments
- Invoice barcode scanning
- QR code creation for receiving payments
- Mobile payments via NFC

### Nordea ID App
- QR code for secure login
- Identity verification via QR scan
- No user ID needed with QR login

### Pivo Features
- Transfer money
- Pay online and in stores
- Send/receive Siirto payments
- QR code payments at partner locations

---

## Third-party payment apps

| App Name | Type | QR Support | Status |
|----------|------|------------|--------|
| Pivo | Mobile wallet | Yes | Active |
| MobilePay | Mobile wallet | Yes | Active |
| Apple Pay | NFC Wallet | No | Active |
| Google Pay | NFC Wallet | No | Active |

### Paytrail Integration
- Finnish payment gateway
- Supports Pivo, MobilePay, Siirto
- Local bank transfers
- Buy now, pay later options

---

## Schemes

| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| [Siirto QR](https://docs.barcoder.ai/docs/payments/FI/siirto-qr) | Payment QR | QR Code | 1.4M users | [`siirto-qr`](https://docs.barcoder.ai/docs/standards/siirto-qr) |
| [Pivo](https://docs.barcoder.ai/docs/payments/FI/pivo) | Mobile wallet | QR/NFC | OP customers | [`pivo`](https://docs.barcoder.ai/docs/standards/pivo) |
| [MobilePay](https://docs.barcoder.ai/docs/payments/FI/mobilepay) | Mobile wallet | QR Code | 11.5M Nordic | [`mobilepay`](https://docs.barcoder.ai/docs/standards/mobilepay) |

## Sources

- [Bank of Finland - Annual Report 2024](https://annualreport.bankoffinland.fi/2024/annual-report/money-and-payment/)
- [Bank of Finland - Payment Systems](https://www.suomenpankki.fi/en/money-and-payments/maksu--ja-selvitysjarjestelmat/)
- [TheBanks.eu - Finland Major Banks](https://thebanks.eu/countries/Finland/major_banks)
- [OP - Siirto Payment](https://www.op.fi/en/private-customers/daily-banking/payment/siirto-payment)
- [OP - Pivo](https://www.op.fi/private-customers/digital-services/pivo)
- [Nordea - Siirto](https://www.nordea.fi/en/personal/our-services/online-mobile-services/siirto.html)
- [Nordea - Mobile Banking](https://www.nordea.fi/en/personal/our-services/online-mobile-services/mobile-banking/)
- [Qvik - Mobile Payments in Finland](https://qvik.com/news/mobile-payments-in-finland-these-services-are-available-right-now/)
- [Bank of Finland - Market Shares](https://www.suomenpankki.fi/en/statistics/data-and-charts/mfi-balance-sheet/tables/rati-taulukot-en/markkinaosuudet_luottolaitokset_en/)
- [Wikipedia - Nordea](https://en.wikipedia.org/wiki/Nordea)
- [Finance Finland - Payment services: Technical Documents](https://www.finanssiala.fi/en/topics/payment-services-in-finland/payment-technical-documents/)
- [Finance Finland - Pankkiviivakoodi-opas v5.3 (Finnish/Swedish)](https://www.finanssiala.fi/wp-content/uploads/2021/03/Pankkiviivakoodi-opas.pdf)
- [Finance Finland - Bank Bar Code Guide v5.3](https://www.finanssiala.fi/wp-content/uploads/2021/03/Bank_bar_code_guide.pdf)
- [Finance Finland - Guidelines for the QR code in the Credit Transfer Forms (July 2015)](https://www.finanssiala.fi/wp-content/uploads/2021/03/QR_code_in_credit_transfer_forms.pdf)
- [Finance Finland - Forming a Finnish reference number (Nov 2009)](https://www.finanssiala.fi/wp-content/uploads/2021/03/Forming_a_Finnish_reference_number.pdf)
- [Finance Finland - Introduction of the Global Structured Creditor Reference (RF) in Finnish Companies (Oct 2023)](https://www.finanssiala.fi/wp-content/uploads/2024/04/introduction-of-the-global-structured-creditor-reference-in-finnish-companies-2023.pdf)
- [Wikipedia - EPC QR code](https://en.wikipedia.org/wiki/EPC_QR_code)
- [Nordea - Ota käyttöön Nordea Mobile](https://www.nordea.fi/private-banking/palvelumme-sinulle/paivittaiset-pankkiasiat/ota-kayttoon-nordea-mobile.html)
- [akselinurmio/virtuaaliviivakoodi (GitHub)](https://github.com/akselinurmio/virtuaaliviivakoodi)

## Full country report

[FI-finland.md](https://docs.barcoder.ai/docs/payments/FI)