Proposal for extended business hours for RIX sent out for consultation
News The Riksbank’s payment services need to be modernised to meet the demands for speed and accessibility. The Riksbank therefore wishes to extend the business hours in its settlement system for large payments (RIX) until 18.00. The Riksbank now invites the participants in the RIX system to submit comments on the proposed amendments to the Terms and Conditions for RIX and Monetary Policy Instruments.
Part of the Riksbank's task to promote a safe and efficient payment system is to constantly stimulate innovation within the payment industry and ensure that financial institutions can continue to settle payments among themselves in central bank money. Allowing financial institutions to regulate their debts in central bank money mitigates risks in the financial system.
Advances in information technology, greater competition and demand for standardisation and harmonisation are now leading to rapid developments in the payment market. As the structure of the payment market changes, the Riksbank needs to upgrade its settlement services. As a step in this development, the Riksbank proposes an extension to the RIX system business hours until 18.00. Extended business hours in the Riksbank's settlement system for large payments gives financial institutions more opportunity to settle payments in central bank money later in the day.