NOR CB recalled settlement system (NBO) was last changed with effect in Jan. 2022.
Now NICS receives Swift gross payments from banks in NICS and forwards to NBO.
NICS will not be developed to receive and process ISO 20022-based transactions.
Banks also currently have the option to send Swift transactions directly to NBO.
Going forward, Swift gross payments will be sent directly to NBO; operating pattern is being updated to take into account that Swift gross payments are sent directly to NBO.
To simplify emergency procedures, CLS LOM is being closed at the same time as NBO.
Re ISO20022 project, fee for incorrect transmission of payment orders to NOR CB will be temporarily suspended from Mar. 15 to Jun. 15.
According to T&Cs for Account Holding NOR CB may change terms and supplementary provisions, including operating pattern of NBO, normally with one month's notice.
