Better infrastructure for fast payments
The 2017 Financial Infrastructure Report is part of Norges Bank's work to promote financial stability and an efficient payment system in Norway. The financial infrastructure is generally efficient, but there is room for improvement.
Together with Finance Norway, Norges Bank has launched a project to develop and implement an infrastructure for fast payments that reduces banks' credit risk and can be used for multiple types of payments and higher amounts than current solutions. Fast payments are transactions where funds are made available in the payee's account only seconds after payment is initiated.
"The use of fast payment services will likely grow in the period ahead. A more efficient infrastructure should then be in place," Deputy Governor Jon Nicolaisen said.
Cyber crime can pose a threat to financial stability. The attacks are becoming more advanced and better organised. Contingency arrangements for dealing with such attacks and failures in the financial infrastructure can be crucial.
"We will monitor and follow up on contingency arrangements in the payment system and financial market infrastructure owners' risk management," Mr. Nicolaisen said.
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