Norges Bank’s Financial Infrastructure 2025 and Retail Payment Services 2024 reports are published today.

Collaboration on the interbank settlement system

Norges Bank settles interbank payments in Norway. Central bank settlement is the core of the payment system.

Norges Bank is now in formal dialogue with the European Central Bank (ECB) to use the Eurosystem’s TARGET settlement system for central bank settlement in NOK. Norges Bank has also signed an agreement with the ECB to use the Eurosystem platform to settle instant payments.

“In our assessment, collaboration with the other Nordic and European central banks is the best long-term option for the settlement system,” says Deputy Governor Longva.

Contingency arrangements must be enhanced

The financial infrastructure is robust and meets strict security, testing and continuity requirements. The threat landscape has worsened over time, and incidents must be considered where even well-protected systems could become unavailable.

”Contingency arrangements in the payment system must be enhanced to deal with more serious incidents,” says Deputy Governor Longva.

The Payment Commission and a working group appointed by the Ministry of Finance recommended a number of measures to enhance contingency in the payment system, including an expansion of the backup solution for card payments and the establishment of independent contingency solutions for basic banking services and interbank systems.

“Sound proposals are now on the table. However, contingency preparedness will not be enhanced until measures have actually been implemented. Norges Bank will follow up these proposals in collaboration with the Ministry of Finance, Finanstilsynet (Financial Supervisory Authority) and the financial industry,” says Deputy Governor Longva.

As part of this follow-up, Norges Bank has updated the Bank’s practical guide on payment preparedness for individual households and merchants.

“Sound contingency arrangements reduce vulnerability for both individuals and the payment system as a whole. Consumers should have several alternative means of payment available, including multiple payment cards, accounts with different banks and some cash. Different forms of payment should be accepted at points of sale even when common payment solutions fail,” says Deputy Governor Longva.

Financial Infrastructure 2025 also discusses how the rise of mobile payments and the emergence of new forms of money and payment technologies are affecting the efficiency of the payment system. The Report also discusses the role of cash.