[12] Sweden has recently joined TIPS (see ECB (2020), “Sweden joins ECB’s instant payments settlement platform”) and the Federal Reserve is taking steps to build an instant payments infrastructure, FedNow (see Brainard, L. (2020), “  The Future of Retail Payments in the United States”, speech at the FedNow Service Webinar, 6 August).
[13] ECB (2020), “ECB takes steps to ensure pan-European reach of instant payments”. [14] See Bindseil, U. and Panetta, F. (2020), “  Central bank digital currency remuneration in a world with low or negative nominal interest rates”, VoxEU, October.