Norway joins Eurosystem’s instant payment service

Editorial

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The inclusion of the Norwegian krone in Tips is planned for the first half of 2028, following the Swedish krona and Danish krone, which will arrive next year.

The move will enable market participants in Norway to settle payments instantly, around the clock and in central bank money.

Norges Bank governor Ida Wolden Bache says: “A well-functioning instant payments solution is an important part of an efficient payment system.

“The agreement with the ECB will ensure that infrastructure for instant payments in Norwegian krone is developed in pace with developments in the Nordic countries and the rest of Europe.”

The European push aligns with a more ambitious project to connect domestic real-time networks across borders beyond the EU.

In October, the Eurosystem announced that it would commence exploratory work on integrating Tips with Project Nexus, a Bank for International Settlement initiative designed to provide a centralised single connection to instant payment networks across the world, using ISO 20022 message specifications and a suite of purpose-built APIs.