Sweden joins TIPS - Eurosystem instant payments platform also settles in kronor
Sweden is the first non-euro area country to settle its currency in TIPS (Eurosystem TARGET Instant Payment Settlement). Swedish market participants are settling instant payments in central bank money in TIPS after a successful migration over the past weeks.
TIPS is an instant payment settlement system in euros and the Swedish kronor that was entirely developed and managed by Banca d'Italia on behalf of the Eurosystem to allow payment service providers to settle instant payments in central bank money. It ensures that European citizens and businesses can send and receive payments swiftly, regardless of their bank's operating hours. TIPS is designed as a multi-currency platform. Other non-euro area countries are getting ready to migrate to the pan-European platform for instant payments. Specifically, Denmark and Norway have already expressed an interest in using TIPS.
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TIPS: the settlement of instant payments
The first of the three projects envisaged by Vision 2020 is operational as from 2018 and is expected to be truly revolutionary. It is a service that can settle instant payments, namely retail electronic payments, where the money is credited to the recipient’s account within seconds instead of in one or two working days, as is the case today for online or electronic payments. The service will also be available on smartphones at a very low cost.
- Sweden joins TIPS - Eurosystem instant payments platform also settles in kronor
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