Global: Sweden’s Central Bank Warns Banks Over Slow Adoption of Instant Payments

The Sveriges Riksbank has warned Swedish banks that it may introduce new regulations if they fail to accelerate the rollout of instant domestic payment services.

In its latest national payments report, the central bank expressed concern that despite having access to both Swedish and European payment infrastructure, most banks have yet to offer real-time payment solutions to customers.

According to the Riksbank, the lack of adoption has created inefficiencies in the financial system, particularly for businesses. Currently, some transactions initiated late in the week—such as on a Friday afternoon—may not be completed until the following Monday.

“This means, among other things, that companies in Sweden have no way of making instant payments between one another,” the central bank noted.

The regulator has now set a clear expectation for the market. By March 2027, banks are expected to either begin offering instant payment services or present a concrete plan outlining how they intend to implement them. Failure to meet this expectation could prompt the introduction of legislation similar to existing frameworks governing euro-denominated instant payments across Europe.

Beyond domestic payments, the Riksbank also called for improvements in cross-border payment systems, particularly in making transactions between different currencies more affordable, efficient, and secure.

One proposed solution is the integration of national mobile payment platforms. The central bank highlighted Swish—Sweden’s widely used mobile payment service—as a potential model for cross-border interoperability if linked with similar systems in other countries.

The Riksbank said such integration would benefit both consumers and businesses, and encouraged Getswish, the operator of Swish, along with its stakeholders, to pursue international partnerships.

The warning comes amid broader efforts by Swedish authorities to strengthen the country’s payments ecosystem and financial resilience.

Recent measures include initiatives to improve access to cash and proposals to introduce a SEK 10,000 cap on cash purchases in retail outlets. In addition, the central bank has advised households to maintain a cash reserve of around SEK 1,000 per adult as a precautionary measure in the event of economic disruptions or geopolitical instability.

The Riksbank’s latest stance underscores its commitment to ensuring that Sweden’s payment systems remain modern, resilient, and capable of supporting both domestic and cross-border financial activity in an increasingly digital economy.