29 November 2024

• ECB and Norges Bank sign agreement for Norway to join TIPS
• Norwegian krone to become fourth currency available for instant payment settlement in TIPS

The European Central Bank (ECB) and Norges Bank signed an agreement for Norway to join the Eurosystem’s TARGET Instant Payment Settlement (TIPS) service. This will make the Norwegian krone the fourth currency available for settlement in TIPS, in addition to the euro, the Swedish krona and the Danish krone, which is scheduled to join in April 2025.

The inclusion of the Norwegian krone in TIPS, which is part of the Eurosystem’s TARGET Services, is planned for the first half of 2028 and will enable market participants in Norway to settle payments instantly, around the clock and in central bank money. Norwegian citizens and businesses will therefore become part of the European community of TIPS service users. The ongoing work towards implementing a cross-currency settlement service in TIPS, allowing funds to be…