What you need to know
Sweden’s payment system is entering a new era.
Banks no longer control access to Swish. Payment institutions can now connect directly, reshaping the market for everyone.
Banks, regulators, merchants, and customers all feel the impact as non-bank providers join the rails.
More competition means faster integrations, tailored solutions, and genuine choice for merchants, especially in regulated sectors like fintech and iGaming.
Zimpler is the first to make this shift real, connecting directly to Swish and setting a new standard for open payments.
In Sweden, paying has become so simple that most people barely give it a thought.
The country has built a reputation for creating solutions that transform daily life, from flat-pack furniture to streaming platforms. The same spirit applies to money. Sweden is already well on its way to becoming one of the first truly cashless societies.
In 2010, cash payments accounted for 39% of purchases. By 2023, that number had dropped to just 10%. This decline is not forced. It is chosen. At the center of it all is Swish. Consumers have embraced Swish because it feels natural, enabling rapid account-to-account (A2A) transfers.
Swish is more than a mobile app. It has become a verb in Swedish culture. With over 8 million active users in a nation of just over 10 million, Swish has turned instant payments into a daily habit. The Swedish payment infrastructure is now globally admired for being fast, secure, and user-friendly.
For businesses, direct access to Swish is more than a technical detail. It is a power shift that allows them to meet customer expectations in a cashless society. Let’s explore how Sweden’s payment rails are opening up, why this shift matters for merchants and providers.
From bank gatekeepers to open access.
For many years, banks acted as the gatekeepers of the Swedish payment system. To offer Swish, a merchant needed a bank agreement. This meant slow onboarding, extra costs, and little room for flexibility.
That structure is beginning to change. Regulators and scheme owners are opening the rails to licensed payment institutions, granting them access to systems that were previously reserved for banks. The Sveriges Riksbank has noted that broader participation in systems such as RIX and Bankgirot is part of its long-term plan for modernizing payments.
Here is where the phrase “Swish without bank” comes to life.
Swish without bank barriers means direct connectivity to the rails that enable instant payments. For the customer, nothing changes. The app works the same. But for merchants, everything improves. Operations move faster, money flows sooner, and trust deepens with every transaction. It is like stepping into the express lane: the road is the same, but the journey is smoother and quicker.
The result is extraordinary adoption. More than 80% of Swedes reported using Swish in the past month. Open Rails is about building a stronger and more resilient payments ecosystem. By opening access, the system spreads risk and encourages more competition. That level of change signals a shift away from closed infrastructure and toward open participation.
Why is this happening now?
Drivers behind the change.
Three main factors are driving the move:
- Regulation: Across Europe, rules are being updated to create more openness. The Payment Services Regulation and PSD3 proposals aim to expand access, reduce reliance on banks, and enhance competition. Sweden is aligning with this movement.
- Resilience: Depending on a small group of banks creates risk. If one institution fails or experiences downtime, entire sectors can be affected. With more players connected directly, the system becomes stronger and more resilient.
- Merchant needs: Businesses want faster onboarding, better service, and more choice. Banks are not always set up to deliver that. Payment institutions that focus only on payments can offer flexibility and speed.
These forces are reshaping the landscape.
What does open payment rails mean for the market?
This change directly affects banks, regulators, merchants and customers. Competition increases when non-bank institutions join the rails. Merchants can choose between more providers, each competing on service, innovation and reliability.
Specialist providers can now offer features that banks might not prioritize, such as faster integration or industry-specific support. For merchants in regulated industries, such as iGaming or fintech, this creates opportunities that did not previously exist.
Banks will need to adapt. They lose their monopoly over payments but can focus on new opportunities. They may offer value-added services or partner with specialist providers rather than controlling every layer.
Most importantly, merchants gain choice. They can select partners that match their business needs, rather than accepting one-size-fits-all bank solutions.
Zimpler as a case study
The best way to see this shift in action is through a recent case study. In September 2025, Zimpler became the first payment institution to connect directly with Swish. Until then, every merchant that wanted to offer Swish had to have a bank agreement.
This resulted in delays, complex compliance requirements, and increased costs. With Zimpler’s integration, merchants can now offer Swish without having to sign their own bank contracts. For sectors that have struggled to secure bank relationships, this opens up an entirely new channel.
Zimpler’s direct access is not just a product update. It is proof that the system is changing. When merchants can connect to Swish directly through a payment partner like Zimpler, they see results quickly.
- Faster onboarding and shorter time to market.
- Lower operational overhead by managing fewer contracts.
- Greater stability since fewer steps mean fewer chances for errors.
- Access for businesses in regulated industries that banks may hesitate to serve.
This is what makes open access more than a regulatory headline. It creates real improvements for businesses and customers.
Looking forward
The Swedish payment system is becoming a template for what open access could look like elsewhere. Payment providers are likely to follow Zimpler’s path.
More direct participants will increase competition, improve resilience, and accelerate innovation. Banks will adjust their strategies, moving toward partnerships and value-added services. Merchants will see faster payments, more tailored solutions, and the ability to switch providers more easily. Customers will enjoy more seamless and reliable payment experiences.
The Riksbank’s ongoing work to modernize RIX and support instant payments shows that this trend is only just beginning. With EU-level rules pushing in the same direction, the future points clearly toward more open rails.
How merchants can evaluate payment providers.
As merchants prepare for this new environment, they should rethink how they evaluate payment providers.
- Ask whether the provider has direct access to key systems or is still relying on banks.
- Consider onboarding times, service quality, and reliability.
- Look for providers that understand your industry and offer flexibility to partner and scale with you.
- Most of all, focus on whether a provider gives you freedom of choice.
Open access means you no longer need to accept the old gatekeeper model.
Final word: a payment revolution in motion.
Sweden is no longer only an example of digital adoption. It is now the testing ground for a payment revolution. The move from closed bank control to open access is not a small step. It changes how payments are built, offered, and experienced.
Zimpler’s direct Swish connection is the first real-world proof of this revolution. It shows how merchants can now offer Swish without bank agreements, onboard faster and benefit from specialist support. This is the future of payments in Sweden. It is open, resilient, and competitive.
And with Zimpler, merchants do not only adapt to it. They lead it.
