NICS is the central interbank clearing system for the Norwegian Krone (NOK) and is used by all Norwegian financial institutions that take part in the Norwegian financial sector common infrastructure. Financial institutions are obliged to use NICS for settling financial transactions within the financial sector’s common infrastructure that can affect a financial institution’s positions in Norges Bank’s settlement system (NBO).
NICS is an interbank system as defined in Norwegian law on payment systems (Financial Contracts Act § 1-1). NICS is subject to concessions from the central bank of Norway, Norges Bank, and its operations are central to maintaining financial stability. The system owner (concessionaire) is NICS Management Office.
NICS Management Office was founded by Finance Norway as a separate legal entity and is responsible for managing the NICS interbank system in line with appropriate legal regulations and any requirements set forth by Norges Bank in its power as a concession authority. It is the NICS Management Office’s obligation to ensure that NICS operates in a safe and stable manner, support financial stability and promote an effective, domestic payment system.
For technical operations and management, NICS Management Office has entered into an agreement with the Norwegian Nets branch, Nets Norge Infrastruktur AS (NNI). NICS Management Office is system owner and is responsible for the entire system, including the parts outsourced to NNI.
On an annual basis, NICS processes over 2 billion payment transactions with an estimated combined value of 70 000 billion Norwegian Kroner.