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  • MIP NEWS

Norges Bank steps up interest in joining TARGET Instant Payment Settlement

3 November 2021

Norges Bank has expressed interest in entering into formal discussions with the European Central Bank (ECB) on joining TARGET Instant Payment Settlement (TIPS) and settling instant payments in Norwegian kroner.

The ECB stands ready to facilitate the inclusion of the Norwegian kroner in TIPS.

You can read more about Norges Bank’s decision on their website. It follows decisions taken by Sveriges Riksbank and Danmarks Nationalbank to join the platform and make use of the service’s multi-currency capability.

TIPS is a pan-European service, offered by the ECB to banks and payment service providers, that enables instant settlement of electronic payments. The service uses central bank money to facilitate transfers between individuals and businesses within seconds, irrespective of the opening hours of their local bank. Further information about TIPS is available on the ECB website.