Following a smooth shift over the previous few weeks, Swedish market players are now settling quick payments in Swedish kronor using the Eurosystem TARGET quick Payment Settlement (TIPS).
Following a smooth shift over the previous few weeks, Swedish market players are now settling quick payments in Swedish kronor using the Eurosystem TARGET quick 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.
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