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Riksbank launches instant payments service

May 25, 2022
riksbank

Riksbank launches instant payments service. Source: depositphotos.com

Riksbank has introduced the RIX-INST service, which means that payments between banks can be made in real-time with central bank money.

The Riksbank is thus offering the banks a secure and cost-effective payment system for instant payments that creates opportunities for Swedish companies to develop new innovative payment services. The service is connected to the Eurosystem payment platform, TIPS.

RIX-INST is an open system for participants who wish to join. Work on transferring Swish payments to RIX-INST has begun and is scheduled to be completed at the beginning of 2023.

The existing RIX system is designed for large-scale payments and has limited opening times. Like all the players in the payment market, the Riksbank needs to adapt to a future in which payment flows are increasingly fast. This is why the Riksbank has developed RIX-INST, where the ECB's Target Instant Payment System (TIPS) platform stands for the technical solution
Mats Wallinder, Deputy Head of the Payments Department

The advantage of RIX-INST is that the Riksbank is responsible for payment settlement – which is when the money is moved from one bank to another. This means that all participants can use the system safely and on equal terms and the tasks are more clearly allocated between the public and private sectors.

This way, the private sector offers payment services to its customers and payment settlement takes place at the Riksbank.

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