RIX-INST is the Riksbank’s system for the settlement of instant payments. RIX-INST uses the technical platform TIPS, which is the ECB’s system for instant payments. Unlike the settlement system for large-value payments, RIX-RTGS, RIX-INST is open around the clock every day of the year and settlement in RIX-INST is instant.

Since February 2024, all Swish payments have been routed through RIX-INST, in cases where payments are made between two bank accounts in different banks. Previously, Swish payments were processed in Bankgirot's BiR (Betalningar i realtid) system. There are several advantages to Swish payments having moved into RIX-INST, including that transfers between two different banks now take place between the banks' accounts with the Riksbank. This reduces the risks in the payments system, because the Riksbank cannot go bankrupt, among other reasons.

Since November 2024, all RIX-INST participants are obliged to accept instant payments according to a common set of rules (NCT-INST) developed by the Nordic Payments Council. This allows for increased competition and innovation in the payments market, as a bank participating in RIX-INST can now develop new payment services where its customers can send instant payments to accounts in other participating banks. By using a standardised format, it also enables open banking actors to offer instant payments via payment initiation. However, there is no obligation for the banks in RIX-INST to offer their customers such services, see more about the Riksbank's view on this in Chapter 3.4. There are currently two smaller banks that send payments on RIX-INST in the standard format on a daily basis.