The Riksbank has published an assessment of Sweden’s progress toward the G20 targets for cross-border payments, identifying costs and speed as the main areas requiring improvement. Sweden meets or is close to many cost targets but only partially meets the speed targets. Accessibility targets are already met, and Sweden is well placed to meet the transparency targets. The cost assessment identifies two main obstacles at the five largest banks: fixed transfer fees and card currency conversion charges. Fixed fees of at least SEK 50 make small transfers disproportionately expensive, although euro payments within the Single Euro Payments Area are exempt from those fees. Card currency conversion charges of at least 1.5% exceed the 1% average retail payment cost target. These findings rely on published prices and cover only payers’ costs under arrangements where payers and recipients share charges. More than 70% of incoming SWIFT payments are credited within one hour, close to the G20 target of 75% by the end of 2027. Comparable quantitative data are unavailable for other payment channels. Limited settlement operating hours and manual processing remain obstacles, while domestic instant payment options beyond Swish are limited. From March 2027, the Riksbank’s RIX INST settlement system will support the Nordic Payments Council’s One-Leg-Out Instant Credit Transfer scheme, enabling instant processing of the Swedish krona leg of international transfers. Adoption remains a constraint: no RIX INST participant is currently reachable through the TIPS cross-currency service introduced in June 2026, and large banks have no concrete implementation plans for either initiative. The Riksbank is also assessing longer operating hours for its RIX RTGS settlement system, with a position expected in 2027. Transparency gaps concern payment tracking and disclosure of the full transaction cost before payment, including intermediary charges. Large banks plan to introduce tracking services, while forthcoming European Union legislation is expected to strengthen disclosure of currency conversion costs and delivery times. Broad availability of payment providers supports the positive accessibility assessment, although some groups, including recently arrived immigrants and international students, still face difficulties opening bank accounts.
Sweden's Riksbank identifies cost and speed gaps in progress toward G20 payment targets
The Riksbank’s assessment of Sweden’s progress toward G20 payment targets identifies high charges for small transfers and card currency conversion, alongside remaining processing delays. RIX INST will support instant processing of Swedish krona legs of international transfers from March 2027, but large banks lack concrete plans to adopt the relevant scheme or the existing TIPS cross-currency service. Sweden already meets accessibility targets and is well placed on transparency, although payment tracking and disclosure of total costs remain gaps.