22 June 2017
Reporter: Stephanie Palmer

ECB to launch new faster payments system

The European Central Bank (ECB) is expanding its TARGET 2 instant payments system to facilitate retail payments throughout Europe.

The new TARGET Instant Payment Settlement (TIPS) system will allow for instant money payments via banks, allowing both citizens and firms to make instant retail payments in the eurozone.

It builds on the TARGET 2 settlement system, used for processing large-scale euro payments, and, according to 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”.

Scheduled to start operation in November 2018, TIPS will be available 24 hours a day, and 365 days a year. According to the ECB, it will cost a maximum of €0.002 per payment for its first two years of operation.

It will be developed in close cooperation with the European banking industry.

More payments news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
SWIFT welcomes new payments platform for Australia
14 February 2018 | Brussels | Reporter: Jenna Lomax
SWIFT has welcomed the public launch of a New Payments Platform in Australia
Central Bank of Lithuania selects SIA to access RT1
11 January 2018 | Milan | Reporter: Becky Butcher
The Bank of Lithuania has selected SIA to access RT1, the pan-European instant payments infrastructure, which come into effect as of 21 November last year
ECB approves major settlement and collateral projects
08 December 2017 | Brussels | Reporter: Jenna Lomax
The European Central Bank has approved the combination of TARGET2 and T2S, and the introduction of a harmonised collateral management system for the eurozone
Ebury exports transaction services offering to Canada
07 November 2017 | Toronto | Reporter: Theo Andrew
The new office is intended to support rising demand for international currency payments and collections, foreign exchange risk management and import finance solutions from Canadian businesses
Deutsche Bank gpi service expands to euro payments
06 November 2017 | Frankfurt | Reporter: Stephanie Palmer-Derrien
Deutsche Bank has launched its global payments initiative service for euro payments, promising to process payments between continents within 30 minutes
Swift harmonises VP Securities network in Denmark
19 October 2017 | Toronto | Reporter: Theo Andrew
The enhancement, set to launch in 2018, means banks will face reduced costs by harmonising the network used to connect with other securities markets across the globe
NEX partners with Baton Systems
17 October 2017 | London | Reporter: Jenna Lomax
The agreement means Baton Systems will be the first third party to provide its clients with services through NEX’s Infinity solution
More payments news