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Swedish payments are secure and efficient
07/11/2019 -Even if digital payments are simple and convenient, the development places new demands on security. The number of frauds with stolen card details or identities has increased, for example. Crimes linked to cash, such as bank or cash-in-transit...
Payment services and anti-money laundering activities
07/11/2019 -The Anti-Money Laundering Act provides another reason it has become more difficult to deposit cash at bank offices. This Act forces payment service providers to prevent their payment service operations from being abused for money laundering...
Large payments take place via transfers
07/11/2019 -The picture is different if we instead look at the value of payments. In Sweden, total payments at an estimated value of almost four times the country’s GDP were made in 2018. Credit transfers make up almost all this value. It is mainly a...
Card payments still dominate
07/11/2019 -The majority of household purchases in Sweden are made by card. In ten years, the average Swede has doubled their card use. However, large-scale payments often take place between companies and authorities and are done via credit transfers. Card...
Rapid payments require innovation
07/11/2019 -When new technology means that new types of company are processing payments, the Riksbank needs to adapt its systems and routines. In addition, demand is growing for instant payments around the clock. If the Riksbank ensures that it is simple...
Payments to other countries are more complicated
07/11/2019 -Payments to other countries than neighbouring ones or the euro area are more complicated. This is because the Swedish banks do not have direct access to those countries’ payment infrastructures. The Swedish bank must then rely upon a network of...
Efforts for smoother international payments
07/11/2019 -A number of banks and innovative companies abroad and in Sweden are taking various initiatives to make international payments easier. One example is the Utility Settlement Coin (USC), which is run by 13 major international banks. USC can be seen...
Payments within the EU are relatively rapid and inexpensive
07/11/2019 -Implementing a payment between two individuals with accounts in different banks requires information and money to be exchanged between the banks. An infrastructure is required for this to take place in a rapid, secure and straightforward manner.
Many central banks investigate central bank digital currencies
07/11/2019 -The technological shift entailed by digitalisation affects all countries, albeit at varying speeds. Central bank digital currency is therefore something that is being investigated by many central banks around the world. This work was initially...
International payments need to be streamlined
07/11/2019 -Payments to the EU are largely as fast and cheap as domestic payments. The same is true of payments within the global card networks such as Visa and Mastercard. Other international payments, on the other hand, are both slower and more expensive.