Securing daily payments

We are seeking to secure daily payments in the event of serious long-term disruptions. A long-term disruption is one that lasts several days. We are creating backup arrangements to secure daily payments in the event that serious disruptions of society or emergency conditions prevent the use of normal payment systems.

If a bank is affected by a serious long-term disruption in its operations, your account and card services could be handled in the new backup account system being established. Your customer relationship in the original bank would remain unchanged, as the backup account system would temporarily offer key daily payment services on behalf of your bank. We will also secure payment traffic between banks.

You will be able to handle your key daily payments in the backup system. You will be able to make account transfers in euros from your account and receive payments onto your account, make debit card payments, and withdraw cash from at least some ATMs. Limited mobile payments will also be possible using Finnish apps (for example the Siirto app). Credit card payments will not be possible in the backup system.  

Yes. We are preparing for situations in which it would not be possible to use a bank’s normal systems. We are seeking to ensure that ATMs with systems located in Finland (Otto ATMs) will work.

You do not need to do anything. The authorities and banks are responsible for all preparations. However, it is always a good idea to make sure your contact information is up to date in your bank and in the Population Information System. You can prepare for shorter disruptions, for example, by making sure you have a ‘home emergency kit’ for payments.

Read about the ‘home emergency kit’ for payments (Bank of Finland).

The Government will decide on activating the backup account system in the event of serious disruptions. If the disruption affects your bank, the authorities or your bank will inform you of the activation of the backup account system. 

In the event of serious long-term disruptions, your account and card information will be automatically transferred into the backup account system, in which you will be able to temporarily handle your key daily payment affairs. However, the transfer of information may take a few days. 

If you have an account in another bank that is working normally, you can use that account to make payments during the disruption.

The backup system for daily payments that will be used in case of serious disruptions is free of charge for you as a customer. However, you may have to pay other costs, for example, if you decide to open a business account in another bank.

The payer’s customer and account information will be transferred into the backup account system, in which salaries and benefits can be paid normally onto other accounts. However, your salary or benefits may come a few days late. 

The backup account system will only be activated if a bank is affected by a serious disruption and its account systems and payment services are not working. Banks whose normal systems are working will continue their activities as normal. The backup account system will be activated in the event of serious disruptions and in emergency conditions. In such circumstances, it may be necessary to limit the normal level of service in all banks.

Creating backup systems for daily payments is a normal part of the work the authorities do on preparedness. The authorities have worked with the banking sector for a long time to improve preparedness for various disruptions, but the rapid change in the security situation in Europe has made the need for the solutions that are now being implemented more urgent. The backup system will improve society's resilience.

The backup system for daily payments is being developed in cooperation between the Ministry of Finance, the Ministry of Social Affairs and Health, the Bank of Finland, the Financial Supervisory Authority and the Financial Stability Authority. The authorities are bringing on board the banking and payment services sector as well as operators critical to daily payments, such as retail organisations.

The total costs of the system are not yet known. Our preliminary estimate is that they will be in the millions of euros. The government will pay the costs of establishing the system, and the banks will pay the maintenance costs and the costs of their own share of the backup system.