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Payments General

ECB to integrate instant payments

Friday 23 June 2017 | 12:48 PM CET

The Government Council of the European Central Bank (ECB) has announced the launch of a new service for instant payments implementation.

The service, Target Instant Payment Settlement (TIPS), will be available 24/7, 365 days a year and will enable citizens and companies to transfer money in real-time.

ECB has developed Target2, the Eurosystem’s real-time gross settlement system, used to process large-value payments in euro. TIPS, as part of Target2, will support instant money transfers, offered via banks, so that citizens and companies can make instant retail payments across Europe.

As ECB states, the service will be developed in “close co-operation” with the banking industry in Europe, and will be offered to banks at the price of a maximum of EUR 0.0020 per payment for at least the first two years from implementation. The service is scheduled to start operating in November 2018.

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