New Service to Enable Instant Cross-Currency Payments in Europe

A new service is set to enable instant payments between different Tips currencies and central bank currencies.

Initially, transactions will support the euro, Swedish kronor, and Danish krone.

Since 2020, efforts to enhance cross-currency payments through Tips have involved active participation from Sweden’s Riksbank and Denmark’s Nationalbank.

Erik Thedéen, the Riksbank Governor, expressed optimism about reaching this milestone, emphasizing the importance of having a functional infrastructure for cross-currency transactions.

READ MORE:

Ripple and IBM Team Up with Turkish Bank to Boost Crypto Trading

He noted that this initiative aligns with the G20’s objectives to make cross-border payments more affordable, efficient, and secure. The responsibility now lies with the market to develop services that meet public demand.

This European initiative is part of a broader ambition to link domestic real-time payment systems internationally, extending beyond the EU.

On Tuesday, the Eurosystem announced plans to explore the integration of Tips with Project Nexus, a project from the Bank for International Settlements aimed at establishing a centralized connection to global instant payment networks. This will utilize ISO 20022 messaging standards and a set of specially designed APIs.

Alexander Stefanov