Danmarks Nationalbank went live on T2 and TIPS on April 22, 2025, making the Danish krone the second non-euro currency in TIPS (after the Swedish krona, onboarded in 2024) and the first-ever activation of T2's multi-currency function.
What This Enables
TIPS now settles instant payments in three currencies: EUR, SEK, and DKK. Danish banks can send and receive instant DKK payments through TIPS infrastructure, benefiting from central bank settlement and 24/7/365 availability. The multi-currency T2 function enables DKK large-value payments to settle through the same RTGS infrastructure used for euro payments.
Nordic Expansion
Norway's Norges Bank signed an agreement to join TIPS in November 2024 and is exploring joining T2 as well (announced February 2025). Norwegian krone would become the fourth TIPS currency. This creates a Nordic multi-currency instant payment corridor operating on shared ECB infrastructure.
What This Means
TARGET is evolving from a euro-only system into a pan-European multi-currency settlement platform. For payments professionals, this means instant cross-currency settlement between EUR, SEK, and DKK is technically possible on the same infrastructure - a prerequisite for efficient Nordic-eurozone payment flows. The precedent for non-euro currencies joining TARGET could extend to other European currencies over time.
Source: ECB