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New standard for payments in Sweden

  • Fast, modern and stable payment process
  • One format and one standard, ISO20022 XML
  • Possibility to include more information
Man and woman in a warehouse using a laptop

Currently, work is underway to modernise, standardise and improve the Swedish payment infrastructure.

Bankgirot will continue to be the central hub for payments in Sweden. They are now focusing on building a modern Swedish infrastructure for payments, in close cooperation with us Swedish banks. 

This means that we, the banks, need to make some adjustments and changes to our existing customer offering. 

What is going to change?

  • One of the most important changes is the introduction of a new standard and a new file format, for payments via file, in Sweden. This means that the existing file formats according to Bankgirot's current standard, LB, KI and BgMax, will be replaced by the new file format XML according to the global standard ISO20022. 
  • The new standard for file payments means that you can send payments in the same file format, regardless of the type of payment to be made. 
  • Another noticeable change is that all file communication will go via the bank instead of via Bankgirot as it does today.

This means that the payment infrastructure needs to be modernised. Therefore, we are working on adapting our systems and services for a secure transition to the new structure. The migration to the new file format has already begun and this work will continue in the coming years.

If you have a business system or a software that can send payment files according to the ISO20022 standard, you already have the option to submit your files in the new format. 

 

What happens now?

  • We are awaiting new directives from our joint banking forums in order to, among other things, be informed of a new timetable and the closure of Bankgirot’s services.
  • We will continue with our step-by-step launches of both new infrastructure and new services and solutions, such as File communication and Corporate Payments (Incoming, Outgoing and Reporting).
  • We are planning to start the transition of our customers to new services and offers.

Summary

  • We are modernising the payment infrastructure in Sweden.
  • Switching to XML file format according to the global ISO20022 standard for sending, receiving and reporting payments.  
  • Moving all file communication from Bankgirot to the respective bank.
  • Launching new products and services accoring to new standards. 
  • Phasing out, and gradually discontinuing, Bankgirot's current formats, KI Lön, Leverantörsbetalningar (LB), Bankgiro Inbetalningar (BgMax) and Bankgiro Link.
  • Moving our customers to new services and offers.
  • Converting popular add-on services to the ISO standard. (Examples of additional services are Swedbank’s account register and vouchers).

More information

TIPS - Target Instant Payment System

TIPS is the European Central Bank's platform for instant payments.

Instant payments are becoming more and more frequent, and Sweden is one of the leading countries in terms of both usage and development of digital payment services. However, the only way to make an instant payment today is by using a mobile phone.

Given the Swedish Central Bank's decision to connect to the European Central Bank's platform for instant payments, TIPS - Target Instant Payment System, new opportunities will emerge and we will be able to offer new and faster SEK payment services in Sweden through other channels as well.

In November 2024, the possibility of real-time account deposits between banks was launched. 

ISO20022 - the new European financial standard

The work to implement the new ISO20022 global standard is progressing rapidly in the European financial market.

Both the European Central Bank (ECB) and the European Banking Association's (EBA) clearing systems (Target 2 and Euro1) are switching to the new standard for their payment messages. 

The entire banking market and other financial players are also transitioning to the new standard. 

The changes within SWIFT will be implemented gradually until November 2025.

For more information about the new standard and coming changes in English, please contact your local branch office or your personal advisor.

If you want to read more about Bankgirot, please use the link below.

More information about Bankgirot (bankgirot.se)

You can also find more information about the new standard in Sweden on our Swedish site Ny standard för betalningar i Sverige (in Swedish) (swedbank.se).