Study of the Riksbank’s future settlement service
During 2021, the Riksbank will carry out a preliminary study on the functioning of its future settlement service for large-value payments . As part of the preliminary study, the Riksbank has sent out a consultation to market participants.
The current settlement system for large-value payments, the Riksbank’s RIX system, was launched in 2009 and has functioned well. Since then, new technologies and services have emerged, which compete to an increasing extent with the traditional payment systems, both nationally and internationally. This development may lead to requirements for new functions and affect the participants in the RIX system. It is therefore important for the Riksbank to acquire a good knowledge of the needs of the participants in the RIX system and how these needs can be met.
The aim of the preliminary study is to produce a base for the Riksbank’s decision on the future settlement system for payments.
Some issues for analysis are what functionality is required to supply an efficient system for the settlement of payment transactions, how to ensure appropriate security, and what are the needs of the market.
The Riksbank’s intention is to continue offering the market a modern, cost-effective and secure system for the settlement of payments in central bank money.
The participants in the RIX system, the Swedish Bankers’ Association and P27 were invited to respond to the consultation and give their views on the Riksbank’s settlement service for large-value payments, the RIX system and what should be included in a future settlement service.
The responses show strong support for harmonisation and standardisation as part of making the payment area more efficient. One can also see a trend towards increased use of instant payments. Continuity and security, especially cyber security, were other issues raised in the responses.
The respondents are on the whole satisfied with both the functionality and opening hours of the current RIX system, but mention that there is scope for further efficiency. With regard to a potential future connection to the Eurosystem’s T2, there was broad unity that T2 offers significant economies of scale in the form of joint processes, administration and development, and increased resources for security. On the minus side, some concern was expressed regarding costs and resources in connection with joining T2, reduced influence and continuity in the event of operational disturbances.
The Riksbank published the consultation ”The Riksbank’s future settlement service” in February 2021. The consultation period ran from the middle of March 2021. The Riksbank received 22 responses to the consultation. Read more in the document “Summary of responses provided in the consultation on the Riksbank’s future settlement service”.