Following a successful migration, Swedish market participants are now settling instant payments in Swedish kronor using the Eurosystem TARGET Instant Payment Settlement (TIPS). The first non-euro area countries to sign up for TIPS using its own currency is Sweden.

In May 2022, a technical link was established between the TIPS platform and Sveriges Riksbank's real-time gross settlement system, RIX-RTGS. As of February 19, 2024, the Swedish market has fully embraced TIPS, allowing for the instantaneous movement of payments in Swedish kronor between 11 payment service providers.

In terms of instant payments, Sweden is among the most developed nations in the world; by 2023, about 1 billion payments will have been completed. With the new connection, TIPS users can now use the single instructing party settlement model to make payments using Swish, a Swedish person-to-person mobile payment system.

The Eurosystem platform TIPS enables payment service providers to instantly settle payments in currency from the central bank. It guarantees instantaneous payment transmission and receiving for enterprises and individuals in Europe, irrespective of their bank's business hours. TIPS is a platform that supports many currencies. At the moment, it provides instantaneous payment settlement in the Swedish krona and the euro. With Sweden now on board, other non-euro area nations like Denmark and Norway—who have also indicated interest in joining TIPS—have an easier time getting started.

Prior advances made by the Eurosystem

The digital euro project was advanced by the ECB's governing council in October 2023 following the conclusion of the inquiry phase. The proposed digital currency prioritises user privacy and accessibility while facilitating a variety of digital payments throughout the euro region. Beginning in November 2023, the preparation phase involved testing, provider selection, ruleset finalisation, and continuous stakeholder involvement. After two years, an evaluation will be conducted to decide the next steps towards a possible issuance and deployment.

The European Central Bank replaced TARGET2 with T2, a new real-time gross settlement (RTGS) system and central liquidity management tool, in March 2023. Between March 17 and 20, 2023, the migration to T2 went smoothly, and on its first day of operation, the system handled about 400,000 transactions. T2, which was created by four national central banks, intends to improve the reliability and efficiency of payment settlement.