Riksbank picks ECB’s Tips for instant krona settlement system
Central bank preparing system for round-the-clock settlement in Swedish krona
Sveriges Riksbank is to use the European Central Bank’s instant settlement system as the “technical solution” to allow large volumes of smaller payments to be settled at all hours.
The ECB’s Target Instant Payment Settlement (Tips) system allows firms and individuals to make instant payments within seconds. Transactions are settled using pre-positioned liquidity “at any time of day and on any day of the year”, the ECB explains on its website.
The Riksbank said on April 3 it will use Tips as
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