Sveriges Riksbank

12/06/2018 | Press release | Distributed by Public on 12/06/2018 03:32

Riksbank begins prestudy regarding TIPS

Instant payments (transfers between bank accounts in real time that take only seconds) are becoming an increasingly common element on the payment market in Sweden. It is therefore important that such payments can be made in a way that is economically efficient. The Riksbank assesses that there may be efficiency gains for the Swedish market if the Riksbank supplies financial institutions in Sweden with the same technical platform as the ECB for settling these payments in SEK. In June 2018, therefore, the Riksbank invited the participants in the RIX system - and other stakeholders - to express their views on potential changes to the Riksbank's services regarding the settlement of payments between banks in Sweden.

An overall assessment of the consultation responses is that TIPS could be an interesting solution for the Swedish market. At the same time, the market wants further information on how a TIPS solution would be integrated into the Swedish payment system for large-value payments, RIX. The Riksbank has now started a prestudy aimed at further investigating the conditions for TIPS as a settlement platform for instant payments in central bank money in SEK.