The European Central Bank announced that the cross-currency service in TARGET Instant Payment Settlement (TIPS) has been successfully tested and formally activated by the ECB, Danmarks Nationalbank and Sveriges Riksbank. The service allows payment service providers (PSPs) to settle payments between TIPS accounts denominated in euro, Danish krone and Swedish krona, with cross-currency payments processed and settled simultaneously in central bank money. The service is intended to simplify inter-PSP payments across the three currencies currently available in TIPS. Its technical solution was implemented in October 2025 as a joint initiative of the Eurosystem, Danmarks Nationalbank and Sveriges Riksbank. PSPs participating in TIPS, TIPS-DKK or RIX-INST can join and use the service, and firms interested in testing it can approach their national central bank.
European Central Bank2026-06-10
European Central Bank activates TIPS cross-currency settlement service for euro Danish krone and Swedish krona payments
The European Central Bank, Danmarks Nationalbank and Sveriges Riksbank have activated a cross-currency service in TARGET Instant Payment Settlement (TIPS), enabling payment service providers to settle payments between TIPS accounts in euro, Danish krone and Swedish krona. Cross-currency payments are processed and settled simultaneously in central bank money, and the service is available to participants in TIPS, TIPS-DKK and RIX-INST.