About payment systems
Payment transactions are carried out either by means of cash, or by transferring money between bank accounts. Systems that enable payment by charging bank accounts are called payment service systems. Examples of these systems are various types of payment cards, credit transfers and electronic money (e-money).
Most payment transactions between private individuals, enterprises and public entities in Norway are included in daily interbank clearings and are settled as interbank payments in a settlement bank. Norges Bank provides settlement in central bank money for the bulk of the transactions in Norway. Norges Bank is the settlement bank for transactions that are sent directly from individual banks, from banks via the Norwegian Interbank Clearing System (NICS), from the Norwegian Central Securities Depository (VPS) and from VPS Clearing. Most smaller banks in Norway use DnB NOR Bank ASA as their settlement bank.
Payment service systems in Norway and clearing and settlement systems are discussed in more detail in: