- Sweden’s Sveriges Riksbank broadens its RIX-INST system to support more instant payments, improving transaction speed across platforms.
- Riksbank partners with other central banks to enable instant cross-border payments between euros, kronor, and kroner.
What happened
Sweden’s Sveriges Riksbank has expanded its RIX-INST payment system to support more types of instant payments, which were previously limited to Swish transactions. The system now enables faster payments across various platforms, cutting down the time it takes for funds to reach recipients. While Riksbank provides the infrastructure, it is up to the connected banks to offer these services to consumers and businesses. Christina Wejshammar, Head of the Payments Department, hopes that banks will use this capability to meet the demand for instant payment confirmation, especially for online purchases that are currently processed through bank transfers.
In addition, the Riksbank is working with other central banks, including the ECB, to establish a framework for instant cross-border payments. This initiative will initially support instant transactions between euros, Swedish kronor, and Danish kroner, making international payments smoother and more efficient.
Also read: Volante’s new tool enhances bank efficiency with real-time data
Also read: What is an instant payment API?
Why it is important
The expansion of Sweden’s RIX-INST payment system is crucial for speeding up financial transactions and improving efficiency. By supporting more types of instant payments beyond Swish, Riksbank is reducing delays and enhancing the user experience. This is especially important for businesses and consumers who need instant payment confirmations, such as for online purchases. The system’s flexibility allows connected banks to offer new services that meet growing demand for faster payments.
Moreover, Riksbank’s collaboration with the ECB and other central banks is pivotal for developing a framework for instant cross-border payments. This initiative will initially support transactions between euros, Swedish kronor, and Danish kroner, making international payments more seamless and efficient. In turn, this will facilitate smoother trade and economic activity, benefiting both businesses and consumers across borders. The Riksbank’s efforts strengthen Sweden’s position as a leader in the evolving global payments landscape.
