Techonology

Cyber ​​Threat Spark Iceland Scheme for home payment process

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Connected by other countries by four submarine data cables, the North Atlantic nations want to ensure that payment can be made, even if there is no internet connection outside the country. Today, all go through more than 90% of visa ink and mastercard ink, which process them abroad according to the central bank.

Although it is unlikely to be out of service for all cables at the same time, Sedlabanki is now working on a solution. The hope is that the solution – it is also ready to be cheaper – as soon as possible this year, according to the Sigridur dish Goodjonsdoter. He is the Chief Executive Officer of Greidsluveitan EHF, a unit owned by the central bank that oversees the development and coordination of the new financial infrastructure.

“We do not have enough variety in payment solutions and this danger,” he said in an interview recently in Reckjavik. “We have put all our eggs in the baskets of international payment card companies.”

The legal structure for solution was passed by Parliament last year, and the matter has been widely discussed by the National Security Council of the country amidst an increase in cyber attacks and as “geo -political landscape has become more unstable. “Bill according to the lesson.

Iceland is already experienced by being out of international markets. During the financial crisis of 2008, when the country’s out-shaped banking sector collapsed, international card companies considered a closed payment on Icelandic card, which would have had a disastrous effect, as documents that justify the bill requirement Is wide in

The current system is also more expensive than neighboring countries. According to a recent report by the Central Bank, Icelanders spent 1.25% of GDP on broadcasting payment in 2023 in 2023, approximately 0.93% for Swedes in 2021 and 0.79% for Norwegian in 2020.

Officials hope that the domestic solution to reduce the cost, there is something that has taken place elsewhere including Nordic countries, Gudjonasdotir said.

Such more stories are available Bloomberg.com

(Tagstotranslet) Iceland Payments Infrastructure (T) Domestic Payment (T) International Payment Card (T) Cyber ​​Attack (T) Financial Crisis
#Cyber #Threat #Spark #Iceland #Scheme #home #payment #process

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