Mastercard extends partnership with Bits

The Norwegian Interbank Clearing System (NICS) is at the core of the Norwegian interbank system, playing a crucial role for individuals and institutions sending or receiving money in the country. Based on transactions made by customers, the NICS estimates what the banks own each other. The result is sent five times a day to Norges Bank, where the balances are adjusted accordingly.

This partnership focuses on the NICS’ secure and stable operation. The deal will allow the two companies to continue to offer new products while further offering a secure payment infrastructure that meets the demands of Norway’s citizens and corporate clients, while being compliant with regulatory requirements. The partnership between Bits and Mastercard has a long history of delivering clearing services in the Norwegian market, and the renewal of the collaboration highlights both companies’ vision of continuing to further develop in the sector.

Interbank clearing services for Norwegian banks

Mastercard will offer a new technology and infrastructure setup for Bits, improving security and resiliency. This aims to ensure that Norwegian payments are prepared for the evolving developments and challenges of the digital sector. Bits and banks in Norway have high standards in information security, which Mastercard aims to meet with its infrastructure.

Addressing cybersecurity threats, Mastercard is committed to safeguarding the integrity of Norway’s payment systems, especially within the NICS. Its safety measures are tailored to protect against a wide range of threats, ensuring that both consumers and financial institutions transact securely and have a strong clearing process in place.

The renewed partnership reveals a shared commitment to furthering the capabilities and security of the country’s clearing services. Mastercard emphasises that security and reliability are crucial for powering economies, and its mission is to enable more individuals to transact in a way that is easier and convenient for them.