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.
