(20 January 2025 – Sweden) The Riksbank is calling on Swedish banks to engage in ongoing efforts to enable instant cross-currency payments within Europe through the Target Instant Payment Settlement (Tips) system.
This initiative, a collaboration between the ECB, the Riksbank, and Danmarks Nationalbank, aims to facilitate seamless payments between euros, Swedish kronor, and Danish kroner.
Swedish banks are invited to participate in discussions about the design of the Tips cross-currency service and its testing phase. Per Jansson, Deputy Governor of the Riksbank, emphasises the importance of collaboration, “The Riksbank has long been working to make it easier to make payments between different currencies. In addition, the G20 has a global goal of making cross-currency payments more secure, more efficient and cheaper. The work on Tips cross-currency is an important step towards making this a reality but it also requires cooperation between central banks and the market. We are therefore keen for Swedish banks to express their interest in participating in this work.”
Norges Bank is set to join Tips in 2028, which could extend the service to Norwegian kroner. Additionally, the ECB is exploring links between Tips and other international instant payment systems to enable payments beyond Europe.
Swedish banks have been asked to express their interest in this initiative by signing a Letter of Intent by 28 February 2025.