Published 26 September 2021 at 13.15
Domestic. The Riksbank's payment system RIX, which is a so-called RTGS system used to settle payments between banks in Swedish kronor, will be closed down and operations moved to the Eurosystem's platform T2.
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The Riksbank's Executive Board has made a directional decision to use the Eurosystem's platforms for payment settlement and for securities settlement, T2 and TARGET2-Securities (T2S), for payments in Swedish kronor.
The Riksbank explains the closure with that it is cost-effective if several central banks share technical platforms and resources for development, operation and security.
In addition, a high level of cyber security is increasingly important as the effects of attacks can be very extensive, according to the Riksbank.
“This increases the requirements for security and robustness in the systems. It is costly for an individual country like Sweden to achieve the same degree of security on its own compared to when several share the costs”, according to the authority.
The decisions are also based on increasing internationalization, where banks and other players are active in several markets. This means that the requirements for harmonizing and using common standards are increasing.
A prerequisite for using the Eurosystem's platforms is that the requirements that follow from Swedish security protection & shy; legislation can be met. It follows from this law that there must be a reserve system for settling payments in Swedish kronor on site in Sweden, no matter how trendy it is with internationalization.