Initially, the cross-currency service is implemented for the currencies participating in TIPS, i.e. the Danish krone, the Swedish krona and the euro. The project will make it possible for a payer to initiate his payment in, for example, Danish kroner, which the payee can immediately receive in euros or Swedish kronor. The service could further be expanded to include other currencies onboarded to TIPS in the future. In addition, the ECB has initiated work on connecting TIPS with some instant payment platforms outside the EU.
The project supports the strategic goals set out in the G20 roadmap to create a faster, cheaper, more transparent and accessible global payment system, and at the same time support a secure and efficient settlement of instant payments.
Establishment of TIPS Cross-Currency Task Force
Further information about the Task Force is available on the European Central Bank’s website.
Corridors now open for cross-currency payments in TIPS
Danmarks Nationalbank, in close cooperation with the ECB and Sveriges Riksbank, continues to advance the TIPS cross-currency project. The TIPS cross-currency service is now available across all the currency markets using TIPS (EUR, SEK, DKK), with the corridors between the three currencies formally established as of 8 June 2026.
The service allows retailers and consumers in Denmark, Sweden and the euro area to make cross-currency transfers directly from their domestic currency account, with funds reaching the recipient’s account within seconds.
The technical solutions underpinning the service have been successfully tested across multiple TIPS currencies by Banking Circle and Mastercard during spring 2026.
Payment service providers participating in TIPS DKK that are interested in learning more about the solution or testing it are invited to contact Nationalbanken at tips_xccy@nationalbanken.dk