Posted by AdviserDirect on 06/13/2019

Swedish central bank looks to TIPS for instant payments

Swedish central bank looks to TIPS for instant payments

Sweden's central bank says it plans to join the ECB's Target Instant Payment Settlement (TIPS) system to bring 24/7 real-time payments to the country by 2021.

Launched last year, TIPS is available to both consumers and businesses across the 19 states in the eurozone, offering near real-time payments via smartphones, PCs and in-store payment points.

The initiative was designed to help banks take on the growing popularity of digital, contactless payment services offered by big tech firms such as Apple, Google, Amazon and Alibaba in China.

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