Efficient cross-border payments contribute to the credibility of the payments system and promote economic stability and growth. In a time of high migration, it is also important for people to be able to send money to relatives through so-called remittances.

Facilitating cross-border payments is a task for the government. Central banks around the world are working to connect national systems and make instant payments between different currencies possible (you can read more about this in Chapter 1.4). One example of such a project is a cooperation between the Riksbank, the ECB, the Banca d'Italia and Danmarks Nationalbank. The aim is to build a basic infrastructure for instant, cross-currency payments in Europe through the ECB's instant payment platform, TIPS. Banks and other payment service providers will be able to benefit from this infrastructure when developing payment services for consumers and firms. You can read more about instant payments between different currencies in the chapter The RIX payments system needs to be able to handle
future challenges.

Cross-border payments are also important in the Nordic countries. Many people travel, work and shop across borders, making fast and smooth payments between Sweden, Denmark, Norway and Finland essential.

A key player in the Nordic region is the bank-owned company Vipps MobilePay, which since 2024 has been offering cross-border payments between Denmark, Norway, Finland and Sweden through the Vipps service. However, not all banks in Sweden offer this service. A Vipps MobilePay payment works in different ways depending on where it is sent from and where it is sent to. Cross-border payments to accounts in Denmark, Norway or Finland have a certain fee.