Riksbank considers joining ECB instant payment system

Thursday 6 December 2018 00:57 CET | News

Sweden could become the first non-euro zone country to sign up to the European Central Bank’s new instant payment system, said the the deputy head of the Riksbank.

Sweden has its own instant payments technology called SWISH, but the ECB’s new TIPS platform has the capability to handle other currencies apart from the euro, so Swedish crown transactions would be possible.

That is likely to appeal the banks or other financial intermediaries that use such systems, especially if using a single system reduces their overall costs.

TIPS payments take 10 seconds or less to process and cost the payment provider a fifth of a euro cent, or 0.002 euro, the ECB says.

The deputy head of the Riksbank was also hesitant to put a timeframe on how long such a switch could take, but said the appetite for making this kind of instant payment was growing fast among both consumers and companies.

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Keywords: Riksbank, ECB, instant payment, European Central Bank, payments, Sweden
Countries: World