Norway has officially partnered with the Eurosystem’s Target Instant Payment Settlement (Tips) service, planning to add the Norwegian krone (NOK) to the system by the first half of 2028.
This integration aligns Norway with its Nordic neighbors, as the Swedish krona (SEK) and Danish krone (DKK) are set to join Tips in 2025. With this move, Norwegian financial institutions will enable 24/7 instant payment settlements in central bank money, enhancing the efficiency and functionality of the country’s payment system.
Norges Bank Governor Ida Wolden Bache remarked:
“A well-functioning instant payments solution is an important part of an efficient payment system. The agreement with the ECB ensures Norway keeps pace with instant payment infrastructure developments in the Nordics and Europe.”
This decision is part of a broader European initiative to connect domestic real-time payment networks across borders, extending even beyond the EU.
In October, the Eurosystem began exploratory work on integrating Tips with Project Nexus, an initiative by the Bank for International Settlements (BIS). Project Nexus aims to establish a single global connection for instant payment systems, leveraging ISO 20022 message standards and purpose-built APIs.
The inclusion of the Norwegian krone in Tips underscores the growing global focus on real-time payment infrastructure, driving seamless cross-border transactions while fostering stronger economic ties in the Nordics and beyond.