A Swish payment is completed within seconds between banks, whereas payments through other systems may take several days to reach their destination. The Riksbank’s payment system, RIX-INST, is now enabling instant payments of this nature.
It is important to note that the Riksbank solely provides the foundational infrastructure. The decision to offer additional instant payment services to the public and businesses rests with the banks connected to RIX-INST.
The Riksbank encourages the participating banks to take advantage of this opportunity and to develop the instant payment services that individuals and businesses are seeking. This could include transactions that are currently completed through online bank transfers, where both the payer and the recipient request immediate confirmation of payment receipt.
The financial institution collaborates with other central banks to facilitate instant payments across various currencies. The European Central Bank (ECB) is leading an initiative aimed at simplifying the development of services for this purpose. In the initial phase, payments will be supported between EUR, SEK, and DKK.
Instant payments are transforming the way transactions are handled, making everyday purchases faster and more convenient than ever before. With the rise of digital wallets and mobile banking apps, consumers can now transfer money with just a few taps on their phones. This technology not only upgrades the user experience but also increases security by reducing the need to carry cash. As businesses and financial institutions continue to adopt these systems, the future of payments looks increasingly simplified and efficient, paving the way for a cashless society.
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