Sweden partners ECB to streamline instant payments in the country

On average, there are 1.5 million instant payments per day number in Sweden

Sweden partners ECB

Sweden partners ECB to streamline instant payments in the country. Source: unsplash.com

The European Central Bank (ECB) and Sveriges Riksbank have entered into the agreement offering Sweden access to the instant settlement system. This way, e-payments made in Swedish krona can be settled on the platform for instant payments operated by the Eurosystem.

The ECB’s Target Instant Payment Settlement (TIPS) allows payment services providers to transfer and settle their customers’ money in real-time. What is more, the customers can settle the payments in central bank money.

This agreement has already been signed by ECB President Christine Lagarde, the Governors of the Eurosystem’s 19 national central banks, and Sveriges Riksbank Governor Stefan Ingves.

In crisis times, this agreement is a good example of strong cooperation between central banks in Europe. Our real-time settlement platform is a pivotal contribution to Europe’s endeavors to satisfy citizens’ increasing demand for faster, cheaper and convenient payment services without compromising on security
Christine Lagarde, ECB President 

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