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On June 9, 2026, Sweden's Central Bank (Riksbank) launched a new service enabling banks and other payment service providers to conduct immediate payments across different currencies. The service, called TIPS Cross Currency, initially supports transfers between Swedish kronor, euro, and Danish kronor. The Riksbank developed TIPS Cross Currency in collaboration with the European Central Bank (ECB) and Denmark's National Bank. This service represents the next phase in the Riksbank's ongoing modernisation of its payment system, RIX-INST. The Riksbank has undertaken significant changes to its payment infrastructure in recent years to facilitate high volumes of small payments between financial institutions. Since the previous year, all Swish payments have routed through RIX-INST, which also enables banks and payment service providers to offer additional fast payment services. The introduction of cross-currency capabilities addresses growing demand for seamless international payment transactions. By enabling immediate payments across multiple currencies within a single infrastructure, the service reduces friction in cross-border transactions and enhances operational efficiency for participating financial institutions. The phased approach—beginning with three currencies—allows the Riksbank and its partners to test and refine the service before potential expansion to additional currencies. The Riksbank invites interested participants to test and utilise the new service. Banks and payment service providers seeking to implement TIPS Cross Currency can access detailed information, instructions, and system documentation on the Riksbank's website. For further details, interested parties should contact the Riksbank's Press Office at 08-787 02 00.