ECB to develop a service for the settlement of instant payments
The Governing Council of the ECB has decided to develop a new service for the settlement of instant payments. The new service, TARGET instant payment settlement (TIPS), will enable citizens & firms to transfer money between each other in real time and will be available around the clock, 365 days a year.
The ECB is responsible for the smooth and effective functioning of payment systems in the euro area. It already developed TARGET2, the Eurosystem’s Real Time Gross Settlement System, used to process large-value payments in euro in real time. TIPS, as part of TARGET2, will help facilitate instant money transfers, offered via banks, so that citizens and firms can make instant retail payments across Europe.
By providing TIPS, the ECB will make sure that the demand for instant payments is met at European level and further facilitate the integration of the euro area. The service will be developed in close cooperation with the banking industry in Europe and will be offered to banks at the low price of a maximum of 0.20 eurocent (€0.0020) per payment for at least the first two years of operation.
TIPS is scheduled to start operating in November 2018.
For media queries, please contact Philippe Rispal, tel.: +49 69 1344 5482.
Latest News from
Tick and flea control agent Bravecto continues to be acceptably safe to use18/08/2017 13:20:00
New adverse reaction to be included in package leaflet
Trend of converging working time across 28 EU Member States has stalled18/08/2017 12:20:00
The difference in working time between workers in the 28 EU Member States remains large and is especially marked between the ‘older’ 15 EU Member States and the 13 new Member States that joined the EU since 2004, according to new research from Eurofound.
European Solidarity Corps: First volunteers in Italy to help rebuild earthquake-hit regions18/08/2017 11:20:00
The first group of European Solidarity Corps volunteers is arriving in Norcia, Italy, to help with the ongoing efforts to repair damage and rebuild social services for the local community affected by the severe earthquakes that hit the region a year ago.
Consultation on CRA Endorsement Guidelines17/08/2017 13:05:00
The European Securities and Markets Authority (ESMA) has published the responses received to its Consultation on Update of the guidelines on the application of the endorsement regime under Article 4(3) of the CRA Regulation.