The Eurosystem is also working towards implementing a cross-currency settlement service within TIPS. Credit: olrat/ Shutterstock.

The European Central Bank (ECB) and Norges Bank have reached an agreement to add Norway to the TARGET Instant Payment Settlement (TIPS) service by Eurosystem.

With this move, Norwegian krone will become the fourth currency available for settlement in TIPS. 

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The integration of the Norwegian krone into TIPS is scheduled in the first half of 2028.  

This will enable instant, round-the-clock payment settlements in central bank money for market participants in Norway.  

With this development, Norwegian citizens and businesses will join the European community of TIPS service users, benefiting from the streamlined payment infrastructure. 

It follows the inclusion of the Euro and the Swedish krona and Danish krone expected to join in April 2025.  

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TARGET Services, which TIPS is a part of, are designed to facilitate secure and efficient transfers between banks, businesses, and individuals across multiple currencies. 

The Eurosystem is also working towards implementing a cross-currency settlement service within TIPS.  

This service will allow transfers between all participating TIPS currencies, including the Norwegian krone.  

ECB President Christine Lagarde said: “We are delighted that Norway will use the Eurosystem’s TARGET Instant Payment Settlement service for instant payments in Norwegian krone.  

“Norway is the first non-European Union country of the European Economic Area to join one of the Eurosystem’s TARGET Services. It is an indication of the strengthened economic relations across Europe and the attractiveness of TIPS.” 

Norges Bank Governor Ida Wolden Bache said: “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.”