As more and more payments are made instantly, new global standards for payment messages are implemented and new players may eventually gain access to the payment infrastructure, the conditions for the existing infrastructure for clearing and settlement of so-called retail payments are changing. To meet this development, the Riksbank is working on modernising its payment system, RIX. But there is also a need to update the privately owned infrastructure that is central to the functioning of payments in Sweden.

The joint Nordic banking initiative P27, which ran for several years and aimed to build a new Nordic payment infrastructure for clearing payments in Nordic currencies and euro, was discontinued in April 2023. P27 was intended to replace the existing privately owned payment infrastructure, including Bankgirot. In September last year, Bankgirot announced that it had been commissioned by its owner banks to secure and modernise the existing infrastructure in Sweden and to begin work on developing solutions for the future. The Riksbank considers it very important that this work is prioritised to ensure a modern and secure payment infrastructure, which you can read more about in Section Modernisation of the payment infrastructure necessary.