Norwegian Krone Joins Instant Payments Platform

Norway has finalized an agreement to incorporate the Norwegian krone into the Eurosystem's Target Instant Payment Settlement (Tips) service, with the rollout planned for the first half of 2028, reports PaySpace Magazine. This decision aligns Norway with other Nordic countries, as the Danish krone and Swedish krona are set to join similar systems next year.

The move will enable Norwegian market participants to conduct instant, 24/7 payment transactions using central bank money. Norges Bank Governor Ida Wolden Bache emphasized the importance of a robust instant payment solution for an efficient financial system, noting that the partnership with the European Central Bank will ensure Norway’s infrastructure evolves alongside the Nordic region and Europe.

Last month, the Eurosystem also began exploring the integration of Tips with Project Nexus, a global initiative by the Bank for International Settlements to unify instant payment networks through ISO 20022 messaging standards and purpose-built APIs. Instant payments are rapidly gaining popularity in the fintech sector, offering unparalleled transaction speed for consumers. With demand for such services expected to grow, Norway's move positions it at the forefront of this transformative trend.