RIX (Riksbank payment system)
Sweden's central bank settlement system, where banks square up in central bank money and where almost every krona payment eventually lands.
When a salary moves from one bank to another, or a Swish crosses between two banks, the resulting debt between the banks has to be paid at some point. That happens in RIX, where banks, clearing organisations such as Bankgirot, and the National Debt Office hold accounts at the Riksbank. The system started in 1990. Its large-value part, RIX-RTGS, settles payments one by one, and banks can borrow intraday against collateral so they don't stall waiting for each other's incoming funds.
In the 2020s the Riksbank decided to stop building everything in-house. Instant payments in RIX-INST run on the Eurosystem's TIPS platform, in kronor, and the large-value side is slated to move to the Eurosystem's T2. It is a technical decision rather than a step toward the euro, which did not stop the debate.