The phase of the project currently under way was preceded by another phase of gap analysis that permitted the identification of all functional enhancements required to allow Riksbank to access the TIPS platform.
The most notable outcomes of this gap analysis activity were the definition of a new settlement model, alternative to the one defined on the basis of the SCT Inst scheme and called Single Instructing Party.3 The upcoming onboarding of the Swedish banking community gave rise to the idea of exploiting the common instant payment infrastructure in order to provide a cross-currency solution for instant payments.