The Riksbank has launched TIPS Cross Currency, a new RIX-INST service enabling instant cross-currency payments in Swedish krona (SEK), euro (EUR) and Danish krone (DKK) for banks and other payment service providers. Developed with the European Central Bank and Danmarks Nationalbank, the service builds on RIX-INST’s role in processing high-volume, low-value payments, including all Swish payments since 2025, and is now open for testing and use by interested participants.
Sweden's Riksbank has opened a new service that allows banks and other payment service providers to make instant payments across currencies through its RIX-INST system. The service, TIPS Cross Currency, initially supports transfers in SEK, EUR and DKK.
Developed jointly with the European Central Bank and Danmarks Nationalbank, the service extends the Riksbank's recent changes to support high-volume, low-value payments between participants. Since 2025, all Swish payments have been routed through RIX-INST, and the new cross-currency functionality gives banks and other participants a way to offer faster payment services if they choose. The Riksbank is inviting interested participants to test and use the service.
The Riksbank, European Central Bank, and Danmarks Nationalbank invite Swedish banks to help design and test the Target Instant Payment Settlement (TIPS) cross-currency service. This aims to enable instant payments between euros, Swedish kronor, and Danish kroner, with banks developing customer-facing services on central bank infrastructure…