On Jul. 4, 2025, NOR CB issued Circular 3/2025 re operating way of settlement system from Aug. 31, considering banks' direct transmission of gross payments to NBO.
NOR CB settlement system (NBO) was last changed with effect from Mar. 17. 2025.
A clarification is being added to the operating pattern related to each settlement from NICS Drift if one or more banks lack coverage.
NBO participants have started sending all their gross payments directly to NBO.
The last bank to move its gross payments to NBO will be in Aug. 2025.
As of Aug. 31, 2025, the operating pattern includes a footnote to address any need for extension of NBO opening hours due to significant operational issues.
In the event of significant operational problems at a participant that require extended opening hours at NBO, NOR BC must be contacted no later than 3:45 p.m.
Transactions from the participant must represent large amounts, in volume or number.
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.
On Feb. 17, NOR CB announced changes to system operating pattern.
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.
Jul. 2025 Update
On Jul. 4, 2025, NOR CB issued Circular 3/2025 re operating way of settlement system from Aug. 31, considering banks' direct transmission of gross payments to NBO.
NOR CB settlement system (NBO) was last changed with effect from Mar. 17. 2025.
A clarification is being added to the operating pattern related to each settlement from NICS Drift if one or more banks lack coverage.
NBO participants have started sending all their gross payments directly to NBO.
The last bank to move its gross payments to NBO will be in Aug. 2025.
As of Aug. 31, 2025, the operating pattern includes a footnote to address any need for extension of NBO opening hours due to significant operational issues.
In the event of significant operational problems at a participant that require extended opening hours at NBO, NOR BC must be contacted no later than 3:45 p.m.
Transactions from the participant must represent large amounts, in volume or number.
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.
