Sweden and Denmark launch real-time cross-currency settlement via Target Instant Payments

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This service allows direct payments originating from one Tips currency to be settled in another Tips currency and in central bank money. Initially, the euro, the Swedish krona and the Danish krona will be available for settlement.

The work to improve cross-currency payments in Tips has been ongoing since 2020, with the Riksbank and Danmarks Nationalbank playing an active role.

“It is very positive that we have now come to the point where we can actually provide a functional infrastructure for payments in different currencies,” said Erik Thedéen, Governor of the Riksbank. “The decision supports the global goals within the G20 to make cross-border payments cheaper, faster and more secure. It is now up to the market to create the services that the general public demands.”

The European push is part of a more ambitious project to connect domestic real-time networks across borders. The Eurosystem announced on Tuesday that it will begin exploratory work to integrate Tips with Project Nexus, an initiative of the Bank for International Settlement designed to create a centralized, single connection to instant payment networks around the world , using ISO 20022 message specifications and a set of targeted payments. built APIs.