RIX, the Riksbank’s system for settling payments, can be described as the hub of the Sweden’s payment system in that it handles all payments between banks and other players. Payments are settled in RIX on the principle of real time gross settlement (RTGS). Funds are transferred electronically between the accounts that RIX participants (banks and certain other players) have with the Riksbank. The RTGS principle means that payments are settled one at a time and the transferred funds are immediately available for further payments. Both payments between participants on their own account as well as on behalf of customers are settled through the RIX system. Payments arising from the Riksbank’s own transactions with participants, for instance from securities transactions and the provision of notes and coin, are also settled in RIX.
During the years 1999-2006 there was a parallel system for settlement in euro, which was linked to the European TARGET payment system.
In order to promote the system’s safety and efficiency, the Riksbank can provide intraday credit for the settlement of payments in RIX, though this calls for adequate collateral.