The Bank of Italy announced that Denmark completed, over the Easter weekend, the migration of the Danish krone to the Eurosystem’s TARGET Instant Payment Settlement (TIPS) and T2 platforms, allowing payments to be settled in central bank money. For TIPS, Denmark becomes the second country outside the euro area to use the Eurosystem platform after Sweden, which migrated in February 2024. For T2, this is the first case of a country bringing its own currency onto the system, enabling settlement not only of payments but also of monetary policy operations and other critical transactions such as money market transactions. TIPS is an instant payments settlement system in euro, Swedish krona and Danish krone, developed and operated entirely by the Bank of Italy on behalf of the Eurosystem, while T2 is a real-time gross settlement (RTGS) system developed and operated by the 4CB (Bank of Italy, Deutsche Bundesbank, Banque de France and Banco de España). The Bank of Italy noted that other non-euro area countries are preparing to migrate to the European instant payments platform, and that Norway has already signed an agreement to use TIPS in the future.
Bank of Italy 2025-04-23
Bank of Italy reports Denmark completes Danish krone migration to Eurosystem T2 and TIPS settlement platforms
The Bank of Italy announced Denmark's migration of the Danish krone to the Eurosystem’s TARGET Instant Payment Settlement (TIPS) and T2 platforms, enabling central bank money settlements. Denmark is the second non-euro area country to adopt TIPS, following Sweden, and the first to integrate its currency into T2 for payments and monetary policy operations. Norway has also agreed to use TIPS in the future.