A New Settlement System at Norges Bank

Abstract

Norges Bank is among the first central banks to have outsourced the IT operation of its settlement system and adopted a second generation off-the-shelf settlement system from a commercial software vendor. During the two years the new system has been up and running, operational stability has been 100%, while the changeover has reduced costs significantly. This article describes the strategic choices involved, our experience of the new solutions and some risk factors associated with the outsourcing.