Instant payments are account to account transfers that can be made around the clock and reach the payee’s account within seconds. In Sweden, these payments are not as common as in other countries – such as Denmark. In 2023, almost half of the number of account-to-account payments were instantaneous in Denmark, compared with 40 per cent in Sweden, according to the Riksbank's own calculations. All banks in Denmark offer instant transfers via their online banks.

In the euro area, the share of instant payments was just over 20 per cent at the end of 2024. New regulations coming into force this year are expected to cause this figure to rise in the future. The value of immediate payments is also emphasised at EU level. The European Parliament and Council Regulation on instant payments (2024/886) entered into force in April 2024, and aims to accelerate the move towards more instant payments. Under the regulation, banks offering regular euro credit transfers (also known as SEPA payments) will be obliged to also offer instant euro payments at the same cost. The obligation also applies to Swedish banks offering euro payments, but does not apply to transactions in Swedish kronor. The Riksbank has previously, in the consultation response to the Payments Inquiry (SOU 2023:16), expressed that it is important that Swedish legislation is also adapted to include an obligation to provide instant payments in Swedish kronor. This is because firms and consumers expect payments to be made quickly and securely and to keep up with developments in international payments markets.

In Sweden, there is currently no possibility to make instant payments via online and mobile banking. By the Riksbank requiring participants in RIX-INST to accept more types of instant payments from the autumn of 2024, users in Sweden can have greater choice. For example, a customer may want to make an invoice payment in their online bank that will reach the recipient immediately.