Ongoing studies and projects – RIX

Payment markets in Sweden and globally are constantly changing and the Riksbank conducts regular studies and projects to keep abreast of developments.

The following studies and projects are currently under way

ISO 20022 Project

The project is in preparation of the migration of the message format for RIX-RTGS to the new ISO 20022 message standard. The project will come to an end in the spring of 2025, at which time RIX-RTGS is expected to migrate to the new standard. ISO 20022 provides for faster and more efficient handling of payments between countries and currencies. The new format, which includes more information, can also help to increase the transparency and traceability of international payments.

Study of instant cross-currency payments

The ECB and the Riksbank are examining the potential to use the ECB’s TIPS platform to implement instant payments between European currencies, such as the krona and the euro.

Study of the Riksbank’s future settlement service

During 2021, the Riksbank carried out a preliminary study on the functioning of its future settlement service for large-value payments. Based on the pilot study, the Executive board has decided that the direction for the Riksbank’s future system for the settlement of large-value payments is to use the Eurosystem’s T2 platform. Before the Riksbank can take a decision on entering into contractual negotiations with the Eurosystem, a more in-depth analysis is needed of a number of questions related to the Eurosystem’s T2 platform. This analysis is being conducted within the Study of the Riksbank’s future settlement service.

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Updated 27/02/2023