The Riksbank and the ECB are continuing their joint study on instant cross-border payments
News The ECB and the Riksbank are now proceeding further with their study of the potential to use the ECB's TIPS platform to implement instant payments between European currencies, such as the krona and the euro. The next step is to study the legal and operational frameworks for this type of settlement.
In May 2022, the Riksbank will launch the RIX-INST service. The service makes it possible for financial institutions to settle payments in real time in Swedish krona with the aid of the ECB's TIPS platform. Since the autumn of 2020, the Riksbank and the ECB have been jointly studying the possibilities of also providing the TIPS platform with the possibility for settlement of payments between different currencies, in a preliminary stage between the euro and the Swedish krona. The study will now continue, in that the ECB Governing Council has confirmed that the TIPS platform can be used for cross-currency settlement.
Since the study began, Danmarks Nationalbank has also announced its intention to use the TIPS platform to settle instant payments in Danish krone and has also shown an interest in the possibility of cross-currency settlement. Further development of the TIPS platform to offer settlement between the krona and the euro could thus be the first step towards being able to make instant payments between several European currencies, in addition to the euro.