Sweden operates on the Eurosystem’s TIPS platform for instant payments and settlement in Swedish krona

Summary:

Sweden has become the first country outside the eurozone to adopt TARGET Instant Payment Settlement (TIPS), allowing market operators to settle instant payments in central bank money. TIPS is a European settlement system developed and managed by the Bank of Italy, enabling payment service providers to make fast payments in central bank money. The system allows individuals and businesses to send and receive payments rapidly, regardless of bank opening hours. With its multivalutary design, TIPS is also expected to be adopted by other non-Eurozone countries, with Denmark and Norway expressing interest in using the platform.