Financial Infrastructure Report
2022 – in a nutshell
The financial infrastructure is secure and efficient
The Norwegian payment system has long featured standardised and user-friendly solutions, and
the operation of financial market infrastructures (FMIs) has been stable in recent years as well.
Norges Bank considers the financial infrastructure to be secure and efficient. Recently, a survey
was conducted of the cost of payments. The payment system’s resource use has decreased
somewhat between 2013 and 2020 and appears to be low compared with other countries.
An evolving payment landscape
The payment landscape is evolving, with internationalisation, new providers and new payment
methods making their mark. Crypto-assets are currently rarely used for ordinary payments,
while other applications are showing strong growth. Cyber threats are increasing. These
structural changes are the reason for some of the Norges Bank’s planned and ongoing
measures to ensure that the public can pay efficiently and securely in NOK also in the future.
New framework to strengthen cyber resilience
Norges Bank and Finanstilsynet (Financial Supervisory Authority of
Norway) are working together to introduce cyber resilience testing of
the financial system in accordance with the TIBER-NO framework. It is
expected that testing under this framework can begin in 2023.
Norges Bank is assessing a new solution for settling real-time payments
Norges Bank has entered into formal discussions with the European Central
Bank (ECB) on possible participation in the Eurosystem’s TARGET Instant
Payment Settlement (TIPS) service. The primary objective is to facilitate
the development of new real-time payment services for customers.
Norges Bank is researching central bank digital currencies
Falling cash use and other developments in the payment system are the background for
Norges Bank’s assessing whether to issue a central bank digital currency (CBDC). The Bank
is currently performing experimental testing of technical solutions. At the same time, the
Bank will continue to analyse the purpose and consequences of introducing a CBDC.
Cash contingency arrangements and the right to pay cash need to be clarified
Cash has important attributes that promote a secure and efficient payment system.
For cash to be easy to use, the right to pay cash should, in the Bank’s opinion, be
clarified so that it cannot be contracted away by standard terms and conditions
at points of sale. Cash is also important in a contingency situation. In the Bank’s
view, appropriate cash contingency arrangements need to be clarified.
