Payments Report 2022

The Riksbank is modernising its systems

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RIX-INST may facilitate instant payments between different currencies

Published: 15 December 2022

At present, TIPS only allows payments to be settled in the same currency, meaning that the payer and the recipient have accounts in the same currency. As a result of the Riksbank’s use of the Eurosystem’s TIPS platform, the Riksbank and the European Central Bank (ECB) are now investigating whether TIPS could also be used to settle payments between different currencies, in an initial stage between the euro and Swedish krona. Danmarks Nationalbank has also decided to join TIPS, while Norges Bank is considering joining.