ECB and Riksbank to support RIX-INST, Sweden's instant payment

Monday 6 April 2020 12:45 CET | News

European Central Bank (ECB) along with the Eurosystem and Sveriges Riksbank has partnered to support Swedish instant payment service, RIX-INST.

Riksbank is the central bank of Sweden, while the Eurosystem is the monetary authority of the eurozone, the collective of European Union member states that have adopted the euro as their sole official currency.

The partnership will also provide the country of Sweden with access to Eurosystem’s TARGET Instant Payment Settlement (TIPS). It allows payment services provider to transfer and settle their customers’ funds in real-time and settle the payments in central bank money. TIPS has been in use in the EU region since November 2018.

The agreement is expected to allow the e-payments made in Swedish krona to be settled on the settlement platform for instant payments operated by the Eurosystem. The payments will be cleared as of May 2022, under the agreement.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: ECB, Riksbank, Sweden, instant payments, RIX-INST, monetary authority, Eurozone, EU, tips, transfers, funds, e-payments
Categories: Banking & Fintech
Countries: Sweden
This article is part of category

Banking & Fintech

Industry Events