Payments in Sweden 2020

Swedish payments to be integrated internationally

Cooperation with the ECB for instant cross-currency payments

Published: 29 October 2020

The increased international interest in cross-border and cross-currency payments has led the ECB and Riksbank to plan to investigate the possibility of using the ECB’s TIPS platform to implement instant payments between European currencies such as the Swedish krona and euro. Settlement in TIPS is currently restricted to payments where the party making the payment and the party receiving it have accounts in the same currency. Offering cross-currency settlement services in real time in central bank money under European auspices could make an important contribution to the modernisation of European retail payments. This initiative is being taken against a backdrop of increased European integration and ongoing international work to remedy the lack of fast, efficient and easily available cross-border payments. The work will include a dialogue with the participants on the market.