The Payment System - RIX
RIX is Sweden's central payment system for large-value payments. It is the Riksbank that owns and runs RIX.
All of the major Swedish banks, the clearing organisations, the Swedish National Debt Office and the Riksbank itself are participants in RIX. All payments made between the participants pass through the RIX system. RIX is therefore an important hub for the financial infrastructure. The daily turnover in RIX is around SEK 670 billion.
Transfers between the accounts held by participants in RIX occur electronically and according to the principles of "real time gross settlement", RTGS. This means that payments are settled one by one, and that the funds transferred into participants' accounts become immediately available for other payments.
There are also functions in RIX that enable several payments to be made at the same time and offset against one another. This increases the efficiency of the system. RIX is thus a hybrid system that makes use of both the advantages of gross settlement – that the risks decline – and the liquidity saving entailed when payments are offset against one another. To promote safety and efficiency in the system the Riksbank can provide credit during the day, what is known as overnight credit, in RIX. However, credit is only granted against adequate collateral.