Payment service providers should offer more services for instant payments

Banks and other payment service providers should offer more instant payment ser-vices to their customers, both individuals and businesses. For example, banks that provide regular account-to-account payments via internet banking should also offer instant payments to their customers.

Within one year (by March 2027), the Riksbank expects the market to have started offering such services, or to have communicated a plan to do so in the near future. The Riksbank considers it important for innovation, competition and to enable the development of payment services based on Swedish and European infrastructure, thereby strengthening Sweden’s autonomy in the field of payments. If the market fails to do this, the Riksbank considers that legislation should be introduced, similar to the EU's Instant Payments in Euro Regulation, but adapted to Swedish conditions.

Payments between countries need to be cheaper and faster

To make payments between countries more efficient, the Riksbank encourages Swe-dish banks to use the new NOLO framework from the Nordic Payments Council.

Work is under way to streamline payments between currencies using the TIPS instant payment platform. The Riksbank encourages banks and other payment service provid-ers to join this work.

The Riksbank also considers that Getswish and its owner should work towards linking Swish with similar payment services in the Nordic countries and Europe. Such intercon-nection should be based on an account-to-account infrastructure. Being able to make greater use of payment solutions built on Swedish and European infrastructure for payments between countries would also help to reduce dependence on non-European payment solutions.

Recommendation for Riksdag and Government to set up an inquiry on an e-krona

The Riksbank recommends the appointment of an inquiry into the necessary legislative amendments to enable the introduction of an e-krona within a reasonable time, if the Riksdag decides that the Riksbank should be allowed to issue one. It is proposed that the inquiry will be set up once the digital euro regulation has been finalised and the ECB has decided to issue a digital euro. The inquiry can be set up by the Government, or by Parliament giving the Government a notice to set it up.