Mastercard and Bits Extend NICS clearing partnership

Mastercard and Bits AS have signed a new five-year agreement under which Mastercard will continue providing interbank clearing services for Norway’s financial institutions. The partnership supports the operation of the Norwegian Interbank Clearing System (NICS), a key component of the country’s payment infrastructure. 

NICS functions as the backbone of interbank settlements in Norway. It calculates net positions among banks based on daily customer payment activity and transmits these results to Norges Bank five times each day. The central bank then adjusts balances on the participating banks’ accounts accordingly.

A focus on resilience and cybersecurity

Officials from Bits described the new infrastructure provided under the agreement as a necessary upgrade to support increasing demands for security and operational resilience. They noted that NICS, which has been in use in various forms since the early 1990s, has performed reliably and continues to meet the evolving needs of the banking sector. The updated setup is expected to improve its robustness in the context of rising cybersecurity risks. 

Representatives from Mastercard emphasised that the company’s updated technology platform meets strict information security standards required by Norwegian banks. They also stated that strengthening defences against cyber threats remains a core objective in maintaining trust in the national clearing system. 

The agreement builds on a longstanding relationship between Mastercard and Bits, with both parties citing experience and continuity as factors in the renewal. Mastercard officials added that the company’s infrastructure supports scalability and is designed to accommodate future changes in how individuals and businesses transact.