In the Riksbank study The way forward for clearing and settlement of retail payments in Swedish kronor, the Riksbank presents its view of how the infrastructure needs to be modernised over the next five years. Cooperation between actors and adaptation to new technical requirements are crucial to ensure a safe, efficient and stable payments market in Sweden. Key changes that a future payments infrastructure will have to address include the transition to the ISO 20022 standard for payment messages, increased demand for instant payments, new participants in the core infrastructure systems, as well as security risks and requirements to counter illegal transactions.

The study highlights six principles that should guide the modernisation of the Swedish payments infrastructure:

• Shared responsibility between public and private actors: Public and private actors have a joint responsibility for developing, operating and maintaining the Swedish payments infrastructure.
• Comply with international standards: The payments infrastructure shall be aligned with international standards such as ISO 20022 and the Nordic Payments Council (NPC) framework to ensure efficiency, innovation and competitiveness.
• Availability at all times: The infrastructure's systems shall be able to process payments around the clock, both instant payments and those that require clearing and settlement at specific times.
• Capacity for new actors: The systems shall be able to welcome new types of actors, such as payment institutions and e-money institutions, in line with new EU regulation.
• Settlement in central bank money: All retail payments, including card payments, should be settled in central bank money to minimise risks and ensure stability.
• Resilience: The infrastructure must be robust and resilient to cyber attacks, fraud and other disruptions, and able to cope with crisis situations during peacetime and in states of heightened alert.