Efficient financial infrastructure, but new challenges must be met
"Norway has an efficient system for payments and financial transactions. At the same time, we are facing new challenges that must be met in the years ahead", says Deputy Governor Jon Nicolaisen.
Today, Norges Bank presents the 2016 Financial Infrastructure Report (in Norwegian). The Report is part of Norges Bank's work to promote financial stability and an efficient payment system in Norway. The challenges highlighted in the Report include contingency arrangements, new methods of payment and financial infrastructure decentralisation.
"Banks' contingency arrangements for cash distribution may prove to be inadequate in a crisis. Finanstilsynet (Financial Supervisory Authority of Norway) and Norges Bank will follow up contingency arrangements in the payment system", says Nicolaisen.
Payment using a mobile phone is becoming increasingly common. At present, most of these payments rely on international payment cards as the underlying payment solution. Payment system efficiency could be enhanced if banks were to utilise a single underlying solution for mobile payments.
The Financial Infrastructure Report in English will be available at a later date.
Press telephone: +47 21 49 09 30