Norway has concluded the deal to add the krone to the Eurosystem’s Target Instant Payment Settlement (Tips) service.
The inclusion of the Norwegian national currency in Tips is scheduled for the first half of 2028. Next year, the Danish krone and Swedish krona will be added to the corresponding functional system.
The decision taken by Norway will provide market participants in this country with the opportunity to carry out payment transactions instantly, around the clock, and with money from the central bank.
Norges Bank governor Ida Wolden Bache stated that a well-functioning instant payments solution is an important part of an efficient payment system. Also, in this context, it was noted that the agreement with the European Central Bank will ensure that infrastructure for instant payments in the Norwegian krone is developed in pace with developments in the Nordic countries and the rest of Europe.
It is worth mentioning that last month the Eurosystem announced the start of exploratory work on the integration of Tips with Project Nexus, an initiative of the Bank for International Settlement designed to provide a centralized single connection to instant payment transaction networks around the world using ISO 20022 message specifications and a suite of purpose-built APIs.
It’s worth noting that instant payments are becoming an increasingly popular service in the financial technology industry space. The corresponding tendency is natural since in this case there is an unambiguous advantage in the form of the maximum speed of operations for consumers. The growth in popularity of transactions of the mentioned category will likely continue.
As we have reported earlier, Payhawk Collaborates With JPMorgan Payments.
