Launched last year, TIPS is available to both consumers and businesses across the 19 states in the eurozone, offering near real-time payments via smartphones, PCs and in-store payment points.

The initiative was designed to help banks take on the growing popularity of digital, contactless payment services offered by big tech firms such as Apple, Google, Amazon and Alibaba in China.

Sweden's Riksbank says that with the decline of cash, it wants to make instant payments possible in its RIX system.

The central bank has determined that TIPS is the fastest and most cost-efficient way way of giving financial institutions access to RIX 24/7.

However, it has not made a final determination, noting that "national security requirements" will be an important factor in its negotiations to use the platform.

The rise of real-time payments will be a key theme at this year's EBAday, taking place in Stockholm on 18 and 19 June next week. Over 1000 payments heads from across Europe are expected to attend. Register here.