Cross-currency payments between the euro area, Denmark and Sweden

10 June 2026

Thanks to the cross-currency service implemented in the TARGET Instant Payment Settlement (TIPS) system, payment service providers (PSPs) can settle payments between TIPS accounts denominated in different currencies (the euro, the Danish krone and the Swedish krona). The service simplifies inter-PSP payments between the three currencies currently available.

The technical solution of the TIPS cross-currency service was implemented in October 2025. The service has now been successfully tested and formally activated by Danmarks Nationalbank, Sveriges Riksbank and the ECB. Cross-currency payments can be processed and settled simultaneously in central bank money in the different TIPS currencies.

The TIPS cross-currency service is a joint initiative of the Eurosystem, Danmarks Nationalbank and Sveriges Riksbank. PSPs participating in TIPS, TIPS-DKK or RIX-INST can join and use the service. Any PSPs interested in learning more about the solution or testing it are invited to contact their national central bank. Euro area participants may also send enquiries to: TIPS@ecb.europa.eu.