Mastercard and Bits AS have inked a new agreement, under which Mastercard will continue to provide interbank clearing services for financial institutions in Norway.
Mastercard and Bits AS have signed a fresh five - year agreement. According to this deal, Mastercard will persist in offering interbank clearing services to Norway's financial institutions. This partnership plays a crucial role in supporting the operation of the Norwegian Interbank Clearing System (NICS), a vital component of the country's payment infrastructure.
NICS serves as the backbone of interbank settlements in Norway. It calculates the net positions among banks based on daily customer payment activities and transmits these results to Norges Bank five times a day. Subsequently, the central bank adjusts the balances of the participating banks' accounts accordingly.
A Focus on Resilience and Cybersecurity
Officials from Bits described the new infrastructure provided under the agreement as a necessary upgrade to meet the growing demands for security and operational resilience. They pointed out that NICS, which has been in use in various forms since the early 1990s, has performed with reliability and continues to fulfill the evolving needs of the banking sector. The updated setup is expected to enhance its robustness in the face of escalating cybersecurity risks.
Representatives from Mastercard emphasized that the company's updated technology platform complies with the strict information security standards required by Norwegian banks. They also stated that strengthening defenses against cyber threats remains a core objective in maintaining trust in the national clearing system.
This agreement builds on the long - standing relationship between Mastercard and Bits. Both parties cited experience and continuity as factors contributing to the renewal. Mastercard officials added that the company's infrastructure supports scalability and is designed to accommodate future changes in how individuals and businesses conduct transactions.
