The RIX system is the central point of the Swedish payment system. The large banks have accounts with the Riksbank in the same way that companies and private individuals have accounts with a commercial bank. The Riksbank thus functions as the banks’ bank for payments in Swedish kronor. RIX is the system that manages payments to and from the banks’ accounts with the Riksbank. Payments where more than one bank is involved therefore ultimately go through the Riksbank.
In addition to the large banks, it is mainly clearing organisations that are members of RIX; see the figure below.
Like most other central banks, the Riksbank has a responsibility to oversee the functioning of the payment systems. There are a number of international standards that clearing and settlement systems in different countries should meet. The Riksbank regularly assesses the Swedish systems in accordance with these international standards. The systems the Riksbank has evaluated are the system that manages payments to and from the banks’ accounts with the Riksbank, RIX, Bankgirocentralen BGC, Euroclear Sweden(1) and OMX Derivatives Markets’s function as a clearing organisation for derivatives. The Riksbank also takes part in the assessment of the international systems CLS and SWIFT.
More information about these systems can be found under the respective links in the menu on the left. There you will also find the latest assessments performed by the Riksbank and the international standards on which the assessments of the respective systems are based.
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(1) As of 2 February 2009 the legal name for VPC AB is Euroclear Sweden AB.