Riksbank launches instant cross-currency payment service
The Riksbank has launched a new service enabling instant payments between different currencies. Initially, transfers between Swedish kronor, euro, and Danish kronor will be possible.
From Swish to TIPS Cross Currency
The Riksbank has implemented amendments to its RIX-INST system, enabling instant payments between different currencies.
This new service, named TIPS Cross Currency, was developed in cooperation with the European Central Bank and Danmarks Nationalbank.
It initially supports transfers between Swedish kronor, Danish kronor, and euro.
This builds on the Riksbank's previous enhancements to its RIX-INST system, which already processes all Swish payments and offers rapid payment services.
Expanding the RIX-INST ecosystem
This development represents a further step in streamlining payment infrastructure, allowing banks and payment service providers to offer more rapid cross-border services.
The Riksbank has significantly enhanced its RIX-INST system in recent years to facilitate numerous small payments between financial institutions.
Interested participants are welcomed to test and utilize the new TIPS Cross Currency service.