Sveriges Riksbank consults on RIX rule changes to admit payment and e-money institutions with a SEK 100 million deposit cap and no intraday credit

Sveriges Riksbank has launched a consultation on proposed amendments to the contractual terms governing participation in the RIX payment settlement system and related elements of its operational framework. The package is intended to implement changes to the Settlement Act and to add clarity and transparency across the Terms and Conditions for RIX and Monetary Policy Instruments, the Account Terms for RIX and the Counterparty Application Instructions. The proposal would allow Payment Institutions and Electronic Money Institutions to be authorised to participate in RIX and its settlement services RIX-RTGS and RIX-INST, while limiting their participation to payment settlement and introducing safeguards to avoid risks to the Riksbank’s monetary policy mandate, financial stability and the safety and efficiency of the payment system. These safeguards include an individually calculated limit for deposits in RIX capped at SEK 100 million, no access to intraday credit, and no access to the monetary policy operational framework. The Account Terms would also limit their overnight balances to no more than twice the highest total amount of outgoing payments settled on a single day over the previous 12 months, subject to the SEK 100 million maximum. Alongside these changes, the Riksbank proposes a set of additional updates, including terminology changes linked to the Clearing and Settlement of Payments Act, an expanded scope for the Account Terms, relocation of intraday credit provisions into the Account Terms, and clarifications to requirements around collateral arrangements, incident reporting, and dialogue with supervisory authorities during application assessments. Consultation responses are due by 21 February 2025.