Norges Bank Advances Discussions with ECB to Integrate Norwegian Instant Payments into TIPS Platform

Norges Bank Advances Discussions with ECB to Integrate Norwegian Instant Payments into TIPS Platform

(IN BRIEF) Norges Bank is continuing formal discussions with the European Central Bank (ECB) to integrate Norwegian instant payments into the Eurosystem’s TARGET Instant Payment Settlement (TIPS) service. After evaluating various factors, Norges Bank concluded that participating in TIPS would best support the development of instant payments in Norwegian krone (NOK). This integration aims to enhance the efficiency and reliability of Norway’s payment systems, aligning them with other European countries.

(PRESS RELEASE) OSLO, 26-Aug-2024 — /EuropaWire/ — Norges Bank is progressing with its plans to enhance the infrastructure for instant payments in Norway by continuing formal discussions with the European Central Bank (ECB) regarding participation in the TARGET Instant Payment Settlement (TIPS) service. This move aims to align Norway’s instant payment systems with those of other European countries, ensuring a seamless and efficient payment experience for Norwegian consumers and businesses.

After a comprehensive evaluation process that began in 2020, Norges Bank has determined that integrating Norwegian krone (NOK) into the TIPS service is the most effective strategy for advancing the country’s instant payment capabilities. Key considerations in this decision included the cost-effectiveness of the solution, contingency measures, and the ability to accommodate Norway-specific requirements.

TIPS, a service of the Eurosystem, offers real-time settlement of instant payments, allowing recipients to receive funds in their accounts within seconds, 24/7. By participating in TIPS, Norges Bank aims to ensure that Norwegian instant payment settlements are handled with the same efficiency and reliability as those in the broader European market.

Launched in November 2018, TIPS currently facilitates payments in euro (EUR) and Swedish krona (SEK), with Danish krone (DKK) set to be integrated in 2025. The inclusion of Norwegian krone would mark a significant step forward in harmonizing payment infrastructures across the Nordic region and Europe.

Norges Bank’s continued discussions with the ECB underscore its commitment to modernizing Norway’s financial infrastructure and ensuring that the country remains at the forefront of payment innovation.

Media Contact:

Press telephone: +47 21 49 09 30
Email: presse@norges-bank.no

SOURCE: NORGES BANK