Norway's Ministry of Finance, Norges Bank and the Financial Supervisory Authority of Norway have met with the financial industry to discuss how to follow up recommendations to strengthen contingency preparedness in the digital payment system, and the Ministry has established a new project on independent bank contingency. The discussion builds on a Norges Bank-led working group that included the Ministry, the Financial Supervisory Authority of Norway, Bits and BankID BankAxept, which proposed 18 measures in March 2025 to increase the payment system’s resilience, including against more extreme scenarios. The new project will bring together authorities and industry participants to assess solutions that would strengthen preparedness for situations where a bank is unavailable for an extended period, for example due to a cyberattack, and is intended to implement two of the working group’s recommendations.
Department of Finance (Norway) 2025-06-06
Norway's Ministry of Finance launches independent bank contingency project to strengthen payment system preparedness
Norway's Ministry of Finance, Norges Bank, and the Financial Supervisory Authority of Norway are collaborating with the financial industry to enhance contingency preparedness in the digital payment system. A new project has been established to implement two recommendations from a Norges Bank-led working group, focusing on solutions for bank unavailability scenarios, such as cyberattacks.