The bank has been exploring an expansion of its role in the settlement of instant payments. So far, the assessment is that participation in the Eurosystem’s TIPS service will ensure the best way forward for instant payments in Norway in the coming years.
Participation in TIPS facilitates settlement of instant payments in NOK on behalf of Norges Bank, in an infrastructure provided by the Eurosystem. Participation in TIPS will ensure development of the infrastructure for instant payments in Norway in line with developments in the rest of Europe.
Participation in TIPS does not change the line of responsibilities between Norges Bank and the private banks and developing payment services and offering them to their customers will remain the responsibility of the banks.
Norges Bank circulated the matter for public consultation on 4 June 2021. In their responses, the banking industry supported Norges Bank’s intention to initiate formal discussions with the ECB on participation in TIPS. A final decision on participation will be made after the discussions are completed, based on an evaluation of the conclusions. In addition, issues such as costs, contingency arrangements, and the ability to facilitate special Norwegian requirements in the instant payments solution will be key elements in the final evaluation if Norges Bank should participate in TIPS.
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