Norway has finalized a deal to incorporate the krone into the Eurosystem’s Target Instant Payment Settlement (Tips) service.
The integration of the Norwegian krone into Tips is scheduled for the first half of 2028, following the addition of the Swedish krona and Danish krone, set to launch next year.
This development will allow participants in Norway to settle payments instantaneously, 24/7, using central bank money. Norges Bank governor Ida Wolden Bache emphasized the importance of a robust instant payments solution, stating, “A well-functioning instant payments solution is an important part of an efficient payment system.” She added, “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.”
This initiative aligns with broader European goals to connect domestic real-time networks across borders beyond the EU. In October, the Eurosystem announced plans to explore the integration of Tips with Project Nexus, a Bank for International Settlements initiative aimed at creating a centralized single connection to global instant payment networks, utilizing ISO 20022 message specifications and a set of specialized APIs.