“Efficient payment services are essential to a well functioning economy. Payments should be made swiftly, securely and at low cost. There are considerable differences in costs connected with various payment methods. Society can reduce these costs by making better use of automation", says Øystein Olsen, Governor of Norges Bank, in connection with the presentation of Norges Bank's Annual Report on Payment Systems.
“In 2010 the number of daily interbank net settlements in Norway increased from two to three. This will facilitate faster payments and better use of liquidity. Especially those who are involved when large sums of money change hands should avail themselves of the opportunities that are now present", says the central bank governor.
Electronic data interchange can be used to a greater degree. This would improve the efficiency of payments and accounting in the business and government sectors. The government's requirement for the use of e-invoicing (eFaktura) in the central government sector by 1 July 2012 and throughout the public sector by 1 July 2013 will contribute to realising this potential.
For market participants and governments in many countries, the financial crisis was a wake-up call. It also highlighted the importance of robust systems for the ability of financial markets and institutions to function in times of stress. The international effort to establish a secure and efficient financial settlement infrastructure has now reached the point where new standards and rules are being set.
“The Norwegian payment, clearing and settlement systems compare well internationally. The new international recommendations for financial infrastructure now being circulated for comment are not likely to pose major challenges for Norwegian participants but will provide the basis for improving the security of clearing and settlement systems around the world", says Governor Øystein Olsen.
The report is available in Norwegian. The English version will be available on our website at a later date.
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