Just over two years after the signing of the Currency Participation Agreement in April 2020, today the Sveriges Riksbank enters the world of instant payments in central bank money with the completion of the first phase of its migration to TARGET Instant Payment Settlement (TIPS), the Eurosystem Market Infrastructure launched in November 2018 for the settlement of payments within seconds, developed and operated by Banca d'Italia on a 24/7/365 basis.
Sveriges Riksbank, the first non-euro area central bank to connect to the TIPS platform, will settle payments through its RTGS system ‘RIX-INST' in Swedish kronor, leveraging the multi-currency nature of the platform's original design.
The Swedish community, among the most advanced worldwide for digital payments, currently makes an average of 2 million of these payments daily, via a mobile app called ‘Swish'. The second phase of the migration, which involves moving all Swish payments to RIX-INST, has already begun and is expected to be completed in early 2023.
This marks a new, important milestone reached by the Eurosystem, thanks to the fruitful collaboration between the teams of Sveriges Riksbank, the European Central Bank and Banca d'Italia.
For more information, see also the news items published by Sveriges Riksbank and the ECB.
