ECB and Riksbank study cross-currency instant payments
Currently Tips only allows transactions between accounts in the same currency
The European Central Bank and Sveriges Riksbank will study the feasibility of instant settlement of payments across currencies.
This would involve augmenting the eurozone’s Tips instant settlement platform to deal with payments involving euros and kronor. This research work, shared by both central banks, will start this month.
“In practical terms, this would enable a Swedish consumer to transfer funds in kronor to a retailer in any euro-area country, with the payment received in euro in a
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