Norway Joins TIPS, Adding Norwegian Krone to Eurosystem’s Instant Payment Service
[29.11.2024] / Press release
The Eurosystem, in collaboration with Norges Bank, is pleased to announce the integration of Norway into the Target Instant Payment Settlement (TIPS) platform. This significant development marks the addition of the Norwegian krone to the range of currencies supported by TIPS, expanding the reach of instant payments across Europe.
TIPS: Empowering Instant Payments
TIPS is a pan-European instant payment infrastructure that enables real-time settlement of payments in euro, Swiss francs, and Danish kroner. Since its launch in 2018, TIPS has revolutionized the way payments are processed, offering:
- Speed: Payments are settled within seconds, providing real-time access to funds.
- Convenience: Customers can make and receive payments anytime, anywhere, using their preferred payment channels.
- Security: TIPS complies with the highest security standards, ensuring the integrity and confidentiality of transactions.
Norway’s Integration: Expanding Instant Payment Access
Norway’s entry into TIPS represents a major step in enhancing the instant payment landscape. Norwegian banks and payment service providers will now be able to offer their customers instant payment services in Norwegian kroner, connecting them to the broader TIPS network.
This integration will enable businesses and individuals in Norway to:
- Make and receive instant cross-border payments to and from the euro area.
- Access a wider range of instant payment services and applications.
- Benefit from the speed, convenience, and security of instant payments.
Benefits for the Eurosystem
Norway’s participation in TIPS further strengthens the platform’s position as a leading instant payment infrastructure. It expands the geographical reach of TIPS, enhancing its attractiveness to banks and payment providers across Europe.
Additionally, it enables the Eurosystem to continue its mission of promoting innovation and efficiency in the European payments landscape.
Collaboration and Innovation
The integration of Norway into TIPS is a testament to the ongoing collaboration and innovation within the European financial community. The Eurosystem and Norges Bank have worked closely together to ensure a smooth and successful transition.
Timeline and Next Steps
Norway’s integration into TIPS is expected to be completed by the end of 2025. Norges Bank and the relevant stakeholders will continue to work diligently to prepare for the launch of instant payment services in Norwegian kroner.
Conclusion
The addition of Norway to TIPS is a significant milestone in the development of instant payments across Europe. It demonstrates the Eurosystem’s commitment to innovation and collaboration, while providing Norwegian businesses and individuals with access to faster, more convenient, and more secure payment services.
Norway joins TIPS, adding Norwegian krone to Eurosystem’s instant payment service
The AI has provided us with the news.
I’ve asked Google Gemini the following question, and here’s its response.
Bacno de España – News and events a new article on 2024-11-29 09:00 titled “Norway joins TIPS, adding Norwegian krone to Eurosystem’s instant payment service”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
127