Norway hopes to join euro payment service

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OSLO, Nov 3 (Reuters) – Norway’s central bank said on Wednesday it plans to launch formal discussions with the European Central Bank (ECB) on participation in the euro system’s TARGET Instant Payment Settlement (TIPS) service.

“So far, the assessment is that participation in the Eurosystem’s TIPS service will ensure the best way forward for instant payments in Norway in the coming years,” Norges Bank said.

Norway is not a member of the European Union but cooperates closely with the bloc through the European Economic Area agreement.

(Reporting by Terje Solsvik, editing by Gwladys Fouche)

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