Swish payments moved from Bankgirot's payment system to the Riksbank's
News From March 2024, all payments in the Swish mobile app will be settled through the Riksbank's payment system RIX-INST. Settlement involves the transfer of money from one bank to another bank. The system changeover will begin in February and Swish payments will gradually be transferred from Bankgirot to the Riksbank. Swish will function as usual for users.
During February, Swish payments will be gradually transferred from Bankgirot's "Payments in real time" (BiR) system to the Riksbank's RIX-INST system. Since 2022, RIX-INST has been connected to the Eurosystem's technical platform TIPS (TARGET Instant Payment), which is shared with other central banks. This will create opportunities for more Swedish companies to develop new payment services.
The RIX-INST payment system will enable banks and other financial institutions to settle interbank payments in real time, 24 hours a day and all year round in central bank money. Central bank money is Swedish kronor issued by the Riksbank. The fact that money will now be moved between the banks' accounts at the Riksbank reduces the banks' settlement risks.
Swish users should not experience any change during or after the move. As before, if you as user have any questions about your connection to Swish or payments made via Swish, you should contact your own bank.
The Swish payment service is developed and owned by Getswish AB.