Swedish banks urged to speed up payments

The Riksbank, Sweden's central bank, has warned that the country's dependence on US payment giants poses security risks and has urged banks to expand immediate payment services. The bank has threatened to impose legislation by March 2027 if voluntary progress is not made.

The Riksbank's warning comes amid growing concerns about Sweden's reliance on foreign payment systems. The central bank has emphasized the need for domestic banks to develop more immediate payment services to enhance the country's financial infrastructure and reduce potential security vulnerabilities. However, the specifics of responsibilities and timelines for this transition remain unclear, leaving banks and other stakeholders in a state of uncertainty.

Summarized from the sources above. Read the originals for the full story.