Ongoing studies and projects – RIX

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.

Decision on future platform for the Riksbank's settlement services

The Executive Board of the Riksbank has decided to negotiate with the Eurosystem for the use of the European settlement platform for payments, T2, to provide the settlement service for large-value payments in Swedish kronor, RIX-RTGS. The transition to the T2 platform is expected to take around five years. The T2 platform will also be used by the Danish central bank for the corresponding settlement service from next year.

The Executive Board also upholds its earlier strategic decision to move securities settlement to the T2S platform in the future. The Riksbank and market participants consider that it is inappropriate to move both settlement services at the same time and that the transition to the T2 platform should be carried out before starting a transition to the T2S platform.

Read more: Investigation into the Riksbank’s future settlement services