Hægeland urges payment alternatives as cyber risks rise
Norges Bank Executive Director Torbjørn Hægeland urged investment in payment resilience at Finance Norway’s Payments and Digitalisation Conference. He defended BankAxept as a domestic alternative to growing dependence on Visa and Mastercard.
NOK settlement moves toward Europe
Norges Bank plans to connect instant payment settlement in Norwegian kroner to the European Central Bank’s TIPS platform in 2029.
It aims to conclude in early 2027 on clarifications needed for participation in the Eurosystem’s T2 settlement system.
Hægeland said closer Nordic and European cooperation would pool expertise and share development and contingency costs, while preserving control over critical NOK functions.
Europe’s move to next-day securities settlement, T+1, Norway’s decision on T2S participation and Bits’ next-generation clearing system also shape the work.
Norges Bank has opened a tokenisation sandbox with bank participation.
The ECB launched its first tokenised settlement solution on September 21.
Quantum deadline brings investment forward
Norwegian security authorities brought forward the target for quantum-proof IT systems from 2035 to 2030.
Finance Norway has issued a financial-sector roadmap.
The Norwegian National Security Authority raised national cyber risk to high, while the EU’s Digital Operational Resilience Act now sets resilience requirements.
Hægeland called for multiple payment channels, information sharing, exercises and investment.
The Payment Commission and two industry-authority working groups identified measures; he said implementation rests primarily with providers and the industry.
More technology, more dependencies
Hægeland said autonomous AI agents using common models can generate simultaneous payments that strain capacity and settlement liquidity.
Norges Bank sees only a limited payment role for stablecoins in Norway, despite potential cross-border uses.
He warned that competition must not fragment responsibility for contingency preparedness.
Source: A secure payment system in insecure times
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