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 decision also serves as a foundation to explore the possibility of connecting TIPS with instant payments platforms outside of 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.
At the beginning of October, Danmarks Nationalbank hosted an information session about the project for representatives from the financial sector. Danmarks Nationalbank will continue the dialogue with the sector on how both consumers and businesses can access services that offer faster and cheaper payments between currencies.
Click here to read Governor Ulrik Nødgaard’s speech at the TIPS cross-currency event at Danmarks Nationalbank.
Establishment of TIPS Cross-Currency Task Force
On 18 June 2025, the Eurosystem, Sveriges Riksbank, and Danmarks Nationalbank met with representatives from banks and other Payment Service Providers for the first meeting of the TIPS Cross-Currency Business Development Task Force.
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.
Background material from the meeting and further information about the Task Force are available on the European Central Bank’s website.
The Task Force will continue its work in the coming months.