MIP news

TIPS ready to welcome Sveriges Riksbank

11 June 2019

Sveriges Riksbank has expressed its interest in incorporating the Swedish krona into TIPS from 2021, leveraging on the multi-currency capability of the service. It also shows the value of the continuous availability of central bank money (24/7/365) which TIPS provides. You can read more about the decision of Sveriges Riksbank here. The ECB stands ready to facilitate the inclusion of the Swedish krona in TIPS, enabling Sveriges Riksbank to provide this service to its participants.

TIPS is a pan-European service for settling electronic payments instantly, which is offered by the ECB to banks and payment service providers. The service uses central bank money to facilitate transfers between individuals and businesses within seconds, irrespective of the opening hours of their local bank.