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The Norwegian krone (NOK) is set to be integrated into the Eurosystem’s TARGET Instant Payment Settlement (Tips) service by the first half of 2028, following the scheduled inclusion of the Swedish krona and Danish krone next year. This marks another milestone in expanding seamless, real-time payment capabilities across Europe and beyond.
Real-Time Payments for Norway
The integration will enable market participants in Norway to settle payments instantly, 24/7, and in central bank money, advancing the efficiency and accessibility of Norway’s payment infrastructure.
Ida Wolden Bache, Governor of Norges Bank, highlighted the significance of this development, stating:
“A well-functioning instant payments solution is an important part of an efficient payment system. The agreement with the ECB will ensure that infrastructure for instant payments in Norwegian krone is developed in pace with developments in the Nordic countries and the rest of Europe.”
A European and Global Vision for Instant Payments
The Eurosystem’s initiative aligns with broader European ambitions to connect domestic real-time payment networks across borders. This move complements the region’s vision of enhancing payment efficiency and interoperability within the Nordic countries and across Europe.
In October 2024, the Eurosystem announced exploratory efforts to integrate Tips with Project Nexus, a global initiative led by the Bank for International Settlements (BIS). Project Nexus aims to create a centralised connection to link instant payment networks worldwide. Utilizing ISO 20022 message standards and purpose-built APIs, this project represents a significant step toward a unified global payment ecosystem.
Next Steps
The inclusion of the Norwegian krone in Tips underscores Norway’s commitment to staying at the forefront of payment innovation. It also reflects the broader Nordic and European determination to create a more efficient, borderless instant payment network that aligns with global standards.
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