Sweden Joins Eurosystem TIPS for Instant Payments Settlement

Swedish market participants are now settling instant payments in Swedish kronor via the Eurosystem TARGET Instant Payment Settlement (TIPS). This milestone follows a successful migration that took place over the past weeks.

Sweden: The First Non-Euro Country on TIPS

In an exciting development, Sweden has become the first non-euro area country to join TIPS with its national currency. The technical integration between Sveriges Riksbank’s real-time gross settlement system RIX-RTGS and the TIPS platform was established in May 2022.

Full Onboarding to TIPS

As of 19 February 2024, the Swedish market has been fully onboarded to TIPS. Now, 11 payment service providers can transfer funds in central bank money between their Swedish kronor accounts within seconds.

World Leader in Instant Payments

Sweden is already among the world’s most advanced countries in terms of instant payments, settling around 1 billion payments in 2023 alone. The new connection allows payments with the Swedish person-to-person mobile payment solution, Swish, to be processed on TIPS using the single instructing party settlement model.

About TIPS

TIPS is the Eurosystem platform that enables payment service providers to settle instant payments in central bank money. It ensures that European citizens and businesses can transfer and receive payments instantly, regardless of their bank’s operating hours. TIPS is a multicurrency platform that currently supports instant payments settlement in two currencies: the euro and the Swedish krona.

Potential Expansion to Other Countries

The successful onboarding of Sweden to the TIPS platform sets a precedent for other non-euro area countries that have shown interest in joining, like Denmark and Norway.