Authorisation and supervision of interbank systems
The Payment Systems Act, which entered into force in April 2000, assigns Norges Bank the responsibility of authorising and supervising interbank systems in Norway. The objective of the Act is to ensure that interbank systems are organised to ensure financial stability. The Act is based on international recommendations regarding the organisation of payment systems.
Authorisation is required for interbank systems of significance to financial stability. Norges Bank uses the following factors to assess whether a system is of significance to financial stability:
- Turnover in the system
- Risk factors in the system
- Number of participants in the system and links to other systems
- Exposures and participants' financial position
- The social importance of the system
General requirements regarding interbank systems are laid down in the Payment Systems Act, but Norges Bank may make more detailed requirements of the systems. These requirements will be based on an assessment of the risk factors in the individual system. Systems that have been authorised must report regularly to Norges Bank on turnover, exposures, deviations, contingency exercises etc.
Two operators are currently authorised to operate interbank systems: DnB NOR Bank ASA and Norwegian Interbank Clearing System (NICS). The Payment Systems Act does not apply to Norges Bank's own settlement system, NBO. However, international recommendations regarding the organisation of payment systems form the basis for the operation and development of Norges Bank's settlement system (NBO).
Further information about authorising and supervision of interbank systems: