Initiative to improve cross-border payments

In January 2024, Danmarks Nationalbank decided to join a project that introduces settlement of cross-currency instant payments in the Eurosystem's TARGET Instant Payment Settlement platform (TIPS) together with the European Central Bank (ECB) and Sveriges Riksbank.

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

In June 2025, the TIPS Cross-Currency Business Development Task Force was established. The purpose of the Task Force is to support the launch of TIPS’ new cross-currency service and contribute with suggestions for future improvements. Participants from large and small banks and other Payment Service Providers in the euro area, Sweeden and Danmark have joined based on their interest in supporting the initiative.

Further information about the Task Force is available on the European Central Bank’s website.

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