Currency: Norwegian krone (NOK)
RTGS: Norges Bank’s settlement system
Message format currently in use: SWIFT MT
ISO migration planned? Timeline: Official timeline not yet communicated
Governing body of the migration: Bits AS is the financial infrastructure company of the bank and finance industry in Norway. Their purpose is to ensure a safe and efficient payment infrastructure for financial payment transactions and related information.
Coexistance vs Big Bang approach: TBD
Norway is already a member of SEPA payment while it is not a country of the European Union. All SEPA (Single European Payments Area) compliant messages (including SCT, SCT-inst, and SDD) use ISO 20022 formats.
Norway says the following about ISO 20022: it will replace old, national, proprietary formats and payment notification standards. ISO 20022 will also be used for other solutions such as cash management messages and direct debit messages so that all current proprietary messages can be phased out.
Objective, one international standard for file-based financial messaging that covers the entire value chain customer to bank, bank to bank and bank to customer.
A project is under way under the auspices of Bits for the implementation of ISO 20022 messages in the Customer – Bank interface, where both banks and financial system suppliers are involved in a collaboration.
As of October 31, 2016, all Norwegian banks offered to receive and send ISO 20022 messages related to file-based payment orders, and during 2017, for cash management messages that Bits has defined Norwegian guidelines also covered by Norwegian banks.
In addition to this, efforts are being made to implement ISO 20022 messages in the bank to bank interface.
So far, guidelines for the following messages have been prepared by all Norwegian banks:
pain 001.001.03 CustomerCreditTransferInitiation
pain 002.001.03 CustomerPaymentStatusReport
camt 055.001.01 PaymentCancelationRequest
camt 054.001.02 CustomerDebitNotification
camt 054.001.02 CustomerCreditNotification
camt 053.001.02 BankToCustomerStatementment
camt 052.001.02 AccountReport