Instant payments are payment services that ensure that payees receive funds directly in their accounts seconds after the payment is initiated - 24 hours a day, seven days a week. A well-functioning instant payments solution is an important part of an efficient payment system. Participation in TIPS facilitates settlement of instant payments in NOK on behalf of Norges Bank, in an infrastructure provided by the Eurosystem. Participation in TIPS will ensure development of the infrastructure for instant payments in Norway in line with developments in the rest of Europe. The use of common standards will likely increase the range of instant payment services in the best interest of the customers. Participation in TIPS does not change the line of responsibilities between Norges Bank and the private banks, and developing payment services and offering them to their customers will remain the responsibility of the banks.

Norges Bank circulated the matter for public consultation 4 June 2021[1]. In their responses, the banking industry supported Norges Bank’s intention to initiate formal discussions with the ECB on participation in TIPS. A final decision on participation will be made after the discussions are completed, based on an evaluation of the conclusions. In addition, issues such as costs, contingency arrangements and the ability to facilitate special Norwegian requirements in the instant payments solution will be key elements in the final evaluation if Norges Bank should participate in TIPS.

Norges Bank will remain the close contact with the banking industry during the coming phase, and will invite the stakeholders to dedicated task forces to examine particular questions related to participation in TIPS.     

[1] The consultation letter and comments from the banking industry and other stakeholders (in Norwegian only).