Regulatory Alerts2026-06-24
Added · Updated
Iceland Joins Eurosystem’s TIPS for Instant Payments
The Central Bank of Iceland has signed an agreement with the ECB to join the TARGET Instant Payment Settlement system (TIPS), enabling instant settlement of payments in Icelandic krónur as central bank money starting in 2028. This participation replaces the current system for real-time settlement of interbank payments and introduces a domestic contingency solution to ensure continuity if TIPS becomes temporarily inaccessible. The Icelandic króna becomes the fifth currency available in TIPS, alongside the euro, Swedish krona, Danish krone, and Norwegian krone.
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