Swedish central bank threatens banks with action over instant payments

In its annual national payments report, the Riksbank says Swedish banks have long been able to offer more instant payment services based on Swedish and European infrastructure, but virtually no bank has chosen to do so.

“This means, among other things, that companies in Sweden have no way of making instant payments between one another and that a transfer via the internet bank on Friday afternoon reaches the recipient on Monday morning at the earliest,” says the central bank. “Within one year (March 2027), the Riksbank expects the market to have started offering such services, or to have communicated a plan to do so in the near future. If the market fails to do this, the Riksbank considers that legislation should be introduced in line with that which applies to payments in euros.”

Sweden also needs to step up its work on cheap, efficient and secure payments between currencies, says the Riksbank: “Efficient mobile payments across countries and currencies can also be achieved by linking local solutions, such as Swish in Sweden, with similar solutions in other countries. The Riksbank considers that this solution would benefit Swedish consumers and companies and therefore encourages Getswish and its owners to work towards linking Swish.”

The latest missive follow recent moves to strengthen access to cash and to introduce a SEK 10,000 limit for cash purchases in shops. Earlier this month, the central bank also recommended that households keep around SEK 1,000 in cash per adult at home to strengthen their preparedness in the event of global turmoil and war.