The Riksbank has previously emphasised that payments between countries need to be cheaper, faster, more accessible and more transparent, in line with the G20’s targets. Sweden's position as a small and open country makes us particularly dependent on well-functioning cross-border payments. The Riksbank therefore encourages banks and other payment service providers to join and use the Nordic Payments Council’s framework for cross-currency payments (NOLO) when it is in place in November 2026; see section “Instant payments are efficient but the supply is limited and they come with risks that need to be managed”.

The Riksbank supports and participates in the ongoing international work to simplify and improve the possibility of making payments between countries. Several Nordic and European initiatives are under way to link instant payment services. One of these is TIPS Cross Currency, in which the Riksbank has participated since 2020. So far, there has been little interest in Sweden, but the Riksbank is conducting a dialogue with banks and other payment service providers that have shown interest in the service. The Riksbank also welcomes more banks and other payment service providers to join the work to attain more efficient payments between currencies and TIPS Cross Currency.

Efficient mobile payments across countries and currencies can be achieved by linking local solutions, such as Swish in Sweden, with similar solutions in other countries. The Riksbank considers that it would benefit Swedish consumers and companies if there were an interconnection between Swish and its Nordic and European counterparts. Such an interconnection could be coordinated with ongoing initiatives in Europe (EuroPA, EPI, Vipps Mobilepay) and 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. The cost of payments in an interconnected system should not exceed the G20 target for cross-border payments.

The background and assessments are described in more detail in sections “Instant payments are efficient but the supply is limited and they come with risks that need to be managed” and “Payments between Nordic countries are not sufficiently efficient”.