Riksbank opens consultation on instant payments

Monday 11 June 2018 00:07 CET | News

The Riksbank has invited participants in the RIX system and other interested parties to share their views on possible changes to the Riksbank’s range of settlement services.

The payments landscape in Sweden is undergoing a transformation, mainly related to the increased use of instant payments. An instant payment is characterised by an immediate, or almost immediate, settlement between participating institutions, where the payment is credited to the payees account and confirmed to the payer within a few seconds after the initiation of the payment.

As it can be assumed that more payments in the future will be made as instant payments, this payment method will grow in systemic importance. Hence, a cost-efficient infrastructure for the settlement of instant payments will become an important element of the payment landscape. In this context, the Riksbank has taken note that the Eurosystem will launch the Target Instant Payment Settlement (TIPS) platform later in 2018 and that TIPS will have the technical capacity to settle payments in non-euro currencies.

Riksbank is specifically interested in how the market views an arrangement whereby settlement of instant payments in Swedish kronor is made available on the TIPS platform.

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Keywords: Riksbank, instant payments, Sweden, payments, bank
Countries: World