Which currency was added for instant payments in TIPS in 2022?

The Swedish krona was added for instant payments in the TARGET Instant Payment Settlement (TIPS) system in 2022, reflecting the commitment to enhance the reach and functionality of instant payment services across Europe. TIPS was developed by the European Central Bank (ECB) to enable rapid transfers in euros and other currencies, thus improving the efficiency of the payment landscape within the Eurozone.

By including the Swedish krona, which is the currency of Sweden, TIPS expanded its scope beyond just the euro, allowing for real-time payments not only in the euro but also in a currency that is widely used in the Nordic region. This addition enhances interoperability and makes it easier for users making cross-border payments within Europe.

The significance lies in facilitating instant settlements, promoting greater financial inclusivity, and fostering a more integrated payment environment across different countries and currencies within Europe.