Riksbank planning for instant payments 24/7

News Within the coming years it may be possible for all Swedish bank customers to make payments to another bank instantly 24/7 every day of the year. This will become possible in that the Riksbank is planning to join the ECB's payment platform TARGET Instant Payment Settlement (TIPS).

Technological advances, combined with demand from consumers, are changing the way we make payments. This has contributed to a decline in the use of cash at the same time as demand for instant payments is increasing. To ensure that payments can be made safely and efficiently going forward, the Riksbank want to make it possible to make instant payments in the Riksbank's payment system, RIX.

TIPS is assessed to be the fastest and most cost-efficient means of giving financial institutions access to RIX 24/7 every day of the year. An important factor in the coming negotiations will be that the platform meets national security requirements.

The aim is for the new service to come into use in 2021.

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Updated 11/06/2019