Daily payments in times of serious disruption

In the event of serious disruptions or emergencies that the society may face, daily payments will be secured by a National Emergency Account System maintained by the Financial Stability Authority (FFSA), together with a back-up system securing payment traffic between banks which is operated by the Bank of Finland. 

The financial markets need to be stable and free of disruption if society is to function properly. Businesses providing key financial market services have an obligation of preparedness, meaning that they need to be ready in the event of serious disruptions and emergencies. Payment traffic and the infrastructure are nevertheless dependent on factors that are somewhat beyond the control of companies operating in Finland. In order to bolster the resilience of society, backup arrangements have been created for daily payments. These arrangements consist of a National Emergency Account System, maintained by the FFSA, and of the National Emergency Interbank Payment Scheme that will secure payment traffic between banks, for which the Bank of Finland has responsibility.

National Emergency Account System 

National Emergency Account System consists of a National Emergency Account Service and a National Emergency Payment Card Service.

The National Emergency Account System will allow customers of banks:

  • to transfer funds from, and receive payments into, their account
  • pay with a debit card
  • withdraw cash.

The government can decide to deploy the National Emergency Account System in a situation where a bank is unable to use its main payment service systems due to a serious disruption or exceptional circumstances.

It is a statutory duty of the FFSA to administer the National Emergency Account System and, as with the other operating expenditure of the FFSA, the maintenance costs of the system will be covered by administrative fees charged to institutions. If the National Emergency Account System were to be introduced, every bank connected to the system would be liable for the costs incurred in using it.

Act on Certain Arrangements to Safeguard Security of Supply in the Financial Sector