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Payments/SE/rix-inst

RIX-INST

RIX-INST is the Riksbank's system for instant payments between banks. It is open around the clock, every day of the year, and it is what moves the money when you swish someone at another bank: every Swish payment between two banks has settled there since March 2024. Since November 2024 banks may also use it for ordinary instant transfers in kronor, but few do. In early 2026 only two smaller banks sent such payments daily, and none of the big banks let customers send them from internet banking. In 2025 RIX-INST handled 2.9 million payments a day.
Country Sweden (SE)
What it is The Riksbank's 24/7 settlement service for instant krona payments between banks, in central bank money
Run by Sveriges Riksbank; payments reach it through banks and payment firms that are participants
Since 23 May 2022 (launch); Swish from February–March 2024; other instant payments from 25 November 2024
Cost to you No Riksbank fee to customers; banks pay the Riksbank about €0.001 a payment. Swish is free for private users
Typical limit No scheme limit we could find; for Swish, your bank's Swish limit applies
Reaches Accounts at every RIX-INST participant, which must accept incoming instant payments; kronor to euro and Danish kroner since 2025–2026
Code on paper? No. RIX-INST has no code of its own; the Swish QR code is the code that most often ends in it

How RIX-INST came to Sweden

The Riksbank's payment system, RIX, has two services: RIX-RTGS for large payments, open on weekdays from 7am to 6pm, and RIX-INST for small and instant payments, open 24 hours a day, every day of the year. Both settle in central bank money [1].

  • 23 May 2022: launch. The Riksbank opened RIX-INST so that banks could pay each other "in real time 24 hours a day and 365 days a year". It runs on a technical platform the Riksbank shares with the European Central Bank. Swish was then making about 2 million payments a day, and moving it over was planned for early 2023 [2].
  • February–March 2024: Swish moves in. Swish payments moved gradually during February 2024 from Bankgirot's Betalningar i Realtid (BiR) system. All of them settled in RIX-INST from March 2024, and users weren't meant to notice any change [3]. This covers Swish payments between accounts at two different banks [5].
  • 25 November 2024: open to other instant payments. The Riksbank opened RIX-INST to "more types of instant payment". It said it supplies only the infrastructure, and it is up to the banks whether they offer new services [4]. From then on every participant has had to receive instant payments under the Nordic Payments Council's common rulebook, NCT Inst. Nothing obliges a participant to let its customers send them [5].

The Riksbank's figures for 2025, from its annual report published in 2026 [8]:

RIX-INST, 2025
Participants at year end 16 (RIX-RTGS: 45)
Payments per day, average 2.9 million
Average value per payment about SEK 570
Availability 99.99 % (target 99.90 %)
Riksbank's cost of running it about SEK 23 million

For comparison, Getswish counted 1,135 million Swish payments worth SEK 601 billion in 2025 [20]. The Swish count includes payments between two accounts at the same bank, which don't go through RIX-INST, so the two figures don't measure the same thing.

How to use it

You don't sign up for RIX-INST. It sits behind your bank, and what you can do depends on which service your bank offers on top of it.

  1. Swish (almost everyone). When you swish a person or a business at another bank, the payment settles in RIX-INST. Swish uses its own settlement model: there is no reservation step, and the payee's bank doesn't approve each payment, so the transfer goes through as soon as RIX-INST accepts it. Getswish AB is the approved agent that confirms it to both banks [1]. How to swish, and each bank's limits, are on the Swish QR page.
  2. An instant transfer from your bank (a few banks). Other instant payments use the "standard model", based on the NCT Inst rulebook. Your bank reserves the amount, the payee's bank accepts it, and both sides get a confirmation [1]. Since the 2025 rulebook, an NCT Inst payment must be completed within at most 10 seconds [15].
  3. Receiving. You don't have to do anything. Every RIX-INST participant must accept instant payments for its customers, so a bank that sends them can reach practically every bank customer in Sweden [13].

Which banks let you send one? Very few, as of 2026:

  • The Riksbank's 2026 Payments Report says that "only two smaller banks send such payments on a daily basis" [6]. It doesn't name them.
  • Northmill Bank said in December 2024 that it was the first bank to use the opened system. It started with its business customers and planned to add instant payments to its internet bank [17].
  • In February 2025 Realtid, citing Dagens Industri, reported that only Banking Circle, Northmill and Lunar had switched on instant transfers [18]. In April 2025 it named Lunar, Klarna, Northmill and Trustly as connected [19].
  • The Nordic central banks estimated in November 2025 that 0–10 % of Swedish bank customers could start an instant payment from their internet or mobile bank. In Denmark, Finland and Iceland the figure was 90–100 % [13].
  • In December 2025 the Riksbank said that paying a bill so that the money reaches the payee directly "is currently not possible at any of the major Swedish banks". Businesses can't pay each other instantly either, because Swish doesn't cover payments between businesses [12].

The Nordic Payments Council's list of 25 September 2026 shows 23 banks and payment firms reachable for NCT Inst payments in kronor through RIX-INST. They include SEB, Handelsbanken, Swedbank, Nordea, Danske Bank, Länsförsäkringar, ICA Banken, Skandiabanken, Svea, Sparbanken Syd, Ålandsbanken, Marginalen, Klarna, Northmill, Lunar, Trustly and Zimpler, with Revolut added from 14 September 2026 [14]. Being on the list means a bank can receive these payments. It doesn't mean the bank lets its customers send them.

Limits, fees and hours

Hours. RIX-INST never closes, apart from occasional short maintenance windows [9]. An ordinary bank transfer works differently. It is cleared in batches at Bankgirot and settled in RIX-RTGS, which is open only on weekdays from 7am to 6pm [1]. So a transfer sent from internet banking on a Friday afternoon may not arrive until the next banking day. Bankgirot's new platform adds continuous clearing, but the Riksbank warns that this "does not mean that consumers can make payments in the evenings or at weekends" [7].

Fees. The Riksbank charges the banks, not you. As of 1 March 2026 each RIX-INST participant pays SEK 75,000 a month, plus an account fee of about €800 a month. Each payment sent or received costs about €0.001, charged in kronor. Participants that send more than 5 % of all payments share an extra SEK 1,250,000 a month [10]. What customers pay depends on their bank:

What the bank's own page says
Swish (all Swish banks) Paying or getting paid by Swish QR is free for private users [23]
SEB Transfer to another bank in the internet bank 0 kr; through customer service 150 kr; "Expressöverföring" 300 kr. The price list doesn't say which system carries an express transfer [21]
Lunar Transfers between Swedish bank accounts are free. The price page doesn't say whether they are instant [22]

Limits. We found no maximum amount for an instant payment in kronor in the Riksbank's or the Nordic Payments Council's public documents. RIX-INST gives no intraday credit, so a payment settles only against the sending bank's own funds there, and participants can cap their headroom with limits of their own [9]. Customer limits are set by each bank. For Swish, see your bank's limits on the Swish QR page. The Nordic central banks note that mobile payment services "may be capped at low value" and carry only limited information [13].

Limits and fees change; check your bank's current terms.

Paying shops and businesses

Shops and businesses reach RIX-INST mainly through Swish, at the till, online and for payouts. Getswish reports that 57 % of Swish payments in 2025 went to or from businesses, organisations and associations [20]. Businesses can't swish each other, though. The Riksbank says companies have limited access to instant payments for this reason. In its small-business survey, 56 % said it was fairly or very important that money arrives at once rather than in 1–3 days [6].

The Riksbank also wants open-banking providers to be able to start instant payments through RIX-INST, which a common standard format makes possible [5]. Payment firms such as Trustly, Zimpler, Stripe and PPRO are on the NPC's list of kronor participants [14]. Payment and e-money institutions have been allowed to join RIX, subject to restrictions [7].

What's next, with dates. In its Payments Report of March 2026, the Riksbank said that banks offering ordinary account-to-account payments in internet banking should also offer instant ones. It expects the market to have started, or to have published a plan, "within one year (by March 2027)". If not, it wants a law "similar to the EU's Instant Payments in Euro Regulation, but adapted to Swedish conditions". It added that the market "has no clear plans" to do so [7].

Paying across borders

  • Kronor to euro and Danish kroner. RIX-INST has a third settlement model, ELKT, which links two payments in two currencies. It currently covers the Danish krone and the euro, and banks may choose whether to use it [1]. The Riksbank announced on 9 June 2026 that participants could start using it "as of today" [11]. Its annual report says the underlying cross-currency service went live in October 2025 [8]. We found no Swedish bank that offers it to private customers as of 20 October 2026.
  • Nordic rules. The Nordic Payments Council's NOLO scheme for payments to, from and between the Scandinavian currencies "will be in place by November 2026", and RIX-INST will support it [7]. The Riksbank plans to require it for kronor cross-currency payments [1].
  • Not Swish abroad. Swish isn't linked to foreign payment apps. The Riksbank has asked Getswish and its owner banks to work on links with similar Nordic and European services, built on account-to-account infrastructure [7].

Is there a RIX-INST QR code in Sweden?

No. RIX-INST is a settlement system between banks, and nobody scans it. Its messages are ISO 20022: a payment is a pacs.008 message, and for the standard and Swish models "the message format supports" the NCT Inst scheme. In the standard model the payee bank's approval comes back as a pacs.002 message [9]. RIX-INST used ISO 20022 before RIX-RTGS moved to it in May 2025 [7].

The code you're most likely to scan before a payment reaches RIX-INST is the Swish QR code, an ordinary QR code read by the Swish app. When the payer and payee bank at different banks, that Swish payment settles in RIX-INST [5].

The codes on a Swedish bill lead somewhere else. The bankgiro number and OCR reference on a payment slip (OCR number and bill scanning) start a bank transfer, which is cleared at Bankgirot and settled in batches, not instantly [7]. A European QR standard exists for instant transfers (EN 18184), and SEPA invoices can carry an EPC QR code for euro transfers. None of the sources we read connects either one to RIX-INST payments in kronor.

Safety: fast money, fast fraud

The Riksbank says instant payments "make it easier for criminals to move money quickly in cases such as fraud". For payments in kronor, the payee's name is checked before you approve only in Swish and for payments to bankgiro numbers [6]. Fraud through payment services reached SEK 905 million in the second half of 2025, up from SEK 588 million in the first half, across almost 179,000 cases [25].

The common scam is vishing. Someone calls or texts and talks you into logging in to your bank or handing over codes [24].

  • Swish never calls or texts private users. If someone claims to be from Swish, hang up, don't click any link, and report it to the police [16].
  • Read the name before you approve. Swish shows you who you're paying [6]. If the name is wrong, stop.
  • If it happens, call your bank first to stop payments or block your card; every bank has a 24-hour number. Then report it to the police on 114 14 [24]. Between banks, RIX-INST has a recall procedure (camt.056) for a settled payment [9], but getting money back depends on the banks.

RIX-INST and the alternatives in Sweden

Way to pay Best for Notes
Swish (settles in RIX-INST) Paying people, stalls, shops, online Instant, 24/7; free for private users; within your bank's Swish limit (Swish QR)
Instant transfer from a bank (RIX-INST) Larger account-to-account payments that must arrive now Only at a few smaller banks in 2026; every bank can receive one [6] [13]
Ordinary bank transfer / bankgiro Bills, rent, salaries Cleared at Bankgirot; arrives on a banking day, not evenings or weekends [7]; see OCR number and bill scanning
Card Shops, online, travel The most-used way to pay in Sweden (SE report); Visa and Mastercard payments settle in commercial banks abroad, not in RIX [7]

Sources

  1. Sveriges Riksbank, "The RIX payment system", updated 8 Jun 2026, read 20 Oct 2026. https://www.riksbank.se/en-gb/payments--cash/the-payment-system---rix/
  2. Sveriges Riksbank, "Riksbank launches service for instant payments", 23 May 2022. https://www.riksbank.se/en-gb/press-and-published/notices-and-press-releases/press-releases/2022/riksbank-launches-service-for-instant-payments/
  3. Sveriges Riksbank, "Swish payments moved from Bankgirot's payment system to the Riksbank's", 6 Feb 2024. https://www.riksbank.se/en-gb/press-and-published/notices-and-press-releases/notices/2024/swish-payments-moved-from-bankgirots-payment-system-to-the-riksbanks/
  4. Sveriges Riksbank, "More payments than Swish can now reach recipients instantly", 25 Nov 2024. https://www.riksbank.se/en-gb/press-and-published/notices-and-press-releases/press-releases/2024/more-payments-than-swish-can-now-reach-recipients-instantly/
  5. Sveriges Riksbank, Betalningsrapport 2025, "RIX-INST möjliggör konkurrens och innovation", 10 Mar 2025. https://www.riksbank.se/sv/betalningar--kontanter/sa-betalar-svenskarna/betalningsrapport-2025/sakerhet-effektivitet-och-tillganglighet/ar-betalningar-i-sverige-effektiva/rix-inst-mojliggor-konkurrens-och-innovation/
  6. Sveriges Riksbank, Payments Report 2026, "Instant payments are efficient but the supply is limited and they come with risks that need to be managed", 12 Mar 2026. https://www.riksbank.se/en-gb/payments--cash/payments-in-sweden/payments-report-2026/how-safe-efficient-and-accessible-are-payments/instant-payments-are-efficient-but-the-supply-is-limited-and-they-come-with-risks-that-need-to-be-managed/
  7. Sveriges Riksbank, "Payments Report 2026" (PDF), 26 Mar 2026 (PDF creation date; web edition 12 Mar 2026). https://www.riksbank.se/globalassets/media/rapporter/betalningsrapport/2026/engelsk/payments-report-2026.pdf
  8. Sveriges Riksbank, "Annual Report 2025" (PDF), 31 Mar 2026 (PDF creation date). https://www.riksbank.se/globalassets/media/rapporter/arsredovisning/engelska/annual-report-2025.pdf
  9. Sveriges Riksbank, "The Riksbank's settlement services" (PDF), Jun 2026 (created 29 May 2026). https://www.riksbank.se/globalassets/media/rix/rix-inst-rtgs/engelska/the-riksbanks-settlement-services.pdf
  10. Sveriges Riksbank, "Fees for the RIX payment system as of 1 March 2026" (PDF), 29 Jan 2026 (PDF creation date). https://www.riksbank.se/globalassets/media/rix/engelska/fees-for-the-rix-payment-system.pdf
  11. Sveriges Riksbank, "The Riksbank enables instant payments between different currencies", 9 Jun 2026. https://www.riksbank.se/en-gb/press-and-published/notices-and-press-releases/notices/2026/the-riksbank-enables-instant-payments-between-different-currencies/
  12. Sveriges Riksbank, "Sweden lags behind the rest of the Nordics in instant payment services", 11 Dec 2025. https://www.riksbank.se/en-gb/press-and-published/notices-and-press-releases/notices/2025/sweden-lags-behind-the-rest-of-the-nordics-in-instant-payment-services/
  13. Danmarks Nationalbank, Suomen Pankki, Seðlabanki Íslands, Norges Bank and Sveriges Riksbank, "Payments in the Nordics" (PDF), 10 Dec 2025 (PDF creation date). https://www.nationalbanken.dk/media/gdlhtpyk/payments-in-the-nordics.pdf
  14. Nordic Payments Council, "List of NPC Scheme Participants 2026-09-25" (NCT Inst, PDF), 25 Sep 2026. https://www.nordicpaymentscouncil.org/media/3gagbm2f/2026-09-25-nct-inst-scheme-participants.pdf
  15. Nordic Payments Council, "NPC004-04 High-level comparison of the EPC SEPA Payment Schemes and the NPC Payment Schemes", 2025 version 5.0 (PDF), 22 Nov 2024 (PDF creation date). https://www.nordicpaymentscouncil.org/media/tcocq2ih/npc004-04-high-level-comparison-of-the-epc-sepa-payment-schemes-and-the-npc-payment-schemes-v50.pdf
  16. Swish, "Någon har kontaktat mig och uppger att de kommer från Swish, vad ska jag göra?" (FAQ), read 20 Oct 2026. https://www.swish.nu/faq/private/nagon-har-kontaktat-mig-och-uppger-att-de-kommer-fran-swish-vad-ska-jag-gora
  17. Realtid, "Northmill blir första bank i Sverige att ansluta sig till Riksbankens betalningssystem", 3 Dec 2024. https://www.realtid.se/bank-fintech/northmill-satter-ny-standard-for-realtidsbetalningar/
  18. Realtid, "Banker ratar snabba överföringar: 'Enorma pengar att tjäna'", 25 Feb 2025. https://www.realtid.se/bank-fintech/banker-ratar-snabba-overforingar-enorma-pengar-att-tjana/
  19. Realtid, "Storbankernas vinstjakt bromsar upp framtiden: 'Inget att fira'", 10 Apr 2025. https://www.realtid.se/bors-finans/bank-fintech/storbankernas-vinstjakt-bromsar-upp-framtiden-inget-att-fira/
  20. Getswish AB, "Årsredovisning 2025" (annual report), 2026. https://assets.ctfassets.net/zrqoyh8r449h/EFcKWIiZ3OqMU18A7S79y/6b2d0f0e857219be736c5cd32026021f/arsredovisning2025.pdf
  21. SEB, "Aktuella priser för privatpersoner" (price list), read 20 Oct 2026. https://seb.se/privat/betala/kort-for-privatpersoner/seb-invited/prislista-seb-invited
  22. Lunar, "Priser" (Sweden, private), read 20 Oct 2026. https://www.lunar.se/privat/priser
  23. Swish, "Does it cost to pay or get paid with QR code?" (FAQ), read 20 Oct 2026. https://www.swish.nu/faq/private/does-it-cost-to-pay-or-get-paid-with-qr-code
  24. Polisen, "Telefonbedrägeri, vishing", read 20 Oct 2026. https://polisen.se/utsatt-for-brott/polisanmalan/bedragerier/bedragerier/telefonbedrageri/
  25. Finansinspektionen, "Fortsatt många bedrägerier i betaltjänster", 3 Jun 2026. https://www.fi.se/sv/publicerat/nyheter/2026/fortsatt-manga-bedragerier-i-betaltjanster/

Researched 20 October 2026. Limits and bank offerings change; the banks' own pages are authoritative.

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