The Riksbank, Sweden’s central bank, has launched the RIX-INST service, which allows banks to make real-time payments in central bank money 24 hours a day, 365 days a year. 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.
Every day, approximately 2 million digital payments are made using the Swish mobile app. 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 advantage of RIX-INST is that all participants can use the system safely and on equal terms.
“The existing RIX system is designed for large-scale payments and has limited opening times. Like all the players in the payment market, 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,” says Mats Wallinder, Deputy Head of the Payments Department.