The Riksbank enables instant payments between different currencies
News As of today, banks and other payment service providers can use a new service for instant payments between different currencies. Initially, transfers between Swedish kronor, euro and Danish kronor will be possible.
In recent years, the Riksbank has made major changes to its payments system to make it easier for banks and other payment service providers to make many and small payments between one another. Since last year, for example, all Swish payments have been channelled through the Riksbank's RIX-INST system. This system also allows banks and payment service providers to offer more rapid payment services, if they so wish.
The Riksbank is now taking the next step in this development and implementing amendments to the system that will enable the banks and other participants in RIX-INST to make instant payments between different currencies. The new service is called TIPS Cross Currency and was developed in cooperation between the ECB, the Riksbank and Danmarks Nationalbank. Initially, it will therefore be possible to make transfers between the Swedish krona, the Danish krone and euro.
The Riksbank welcomes participants who are interested in testing and using the service.
For further information, read more about the service on the Riksbank's website.