The Riksbank to join the ECB’s TIPS platform
The Riksbank has today entered into an agreement on connecting a new service, RIX-INST, to the Eurosystem’s TIPS payment platform. This means that payments between banks will be able to be made instantly, round-the-clock, all year round, in central bank money. As a result, the Riksbank will be able to offer banks a competitively neutral, safe and cost-effective payment system and provide scope for Swedish companies to develop new innovative payment services.Instant payments, when bank customers move money from one bank to another in just seconds, are becoming increasingly common. Sweden is