Finance & Economics

Swedes will be able to make instant bank payments 24/7

The new service will expectedly come into use in 2021

Swedes will be able to make instant bank payments 24/7. Source:

Within the coming years, it may be possible for all Swedish bank customers to make payments to another bank instantly 24/7 every day of the year. This will become possible in that the Riksbank is planning to join the ECB’s payment platform TARGET Instant Payment Settlement (TIPS), Riksbank says on its official website.

Technological advances, combined with demand from consumers, are changing the way we make payments. This has contributed to a decline in the use of cash at the same time as demand for instant payments is increasing. To ensure that payments can be made safely and efficiently going forward, the Riksbank want to make it possible to make instant payments in the Riksbank's payment system, RIX

TIPS is assessed to be the fastest and most cost-efficient means of giving financial institutions access to RIX 24/7 every day of the year. An important factor in the coming negotiations will be that the platform meets national security requirements.

According to the Riksbank, the aim is for the new service to come into use in 2021.

SEE ALSO: The end of cash: how to pay in Stockholm

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