The Swedish Central Bank wants to involve Swedish banks in the work of building up Target Instant Payment Settlement (Tips), a European system for instant transfers where different European currencies can be used.
The Swedish banks are now invited by the Swedish Central Bank to participate in cooperation, testing, and discussions on how the service should be designed, according to a press release from the Swedish Central Bank.
Behind Tips are currently the European Central Bank (ECB), the Swedish Central Bank, and the Danish National Bank, and initially, payments will be able to be made between euros, Swedish kronor, and Danish kronor.
The infrastructure behind Tips will be provided by the central banks. However, participation from the private sector is also needed, according to the Swedish Central Bank.
"Banks and companies need to develop services for instant cross-border payments to be made by companies and individuals," writes the Swedish Central Bank.
