EBA Clearing has completed a successful migration of the RT1 technical account from TARGET2 to the TARGET Instant Payment Settlement (TIPS).
The live activation for the RT1 community – over 2,500 payment service providers in 25 countries – took place on 10 December 2021 as part of the first migration wave for ancillary systems orchestrated by the Eurosystem.
The migration of the technical account for RT1 settlement from TARGET2 to TIPS was part of the changes for euro instant payments introduced by the Eurosystem in December 2021.
With the recent enhancements, users now also have the option to manage their liquidity from a single place and use the RT1 technical account to exchange cross instant payments with TIPS participants and reachable parties. This will make it easier for users to manage their liquidity for instant payments, says EBA Clearing.
In addition to 24/7 liquidity management, RT1 users can use RT1 as their instructing party in TIPS.
RT1 offers payment service providers in the Single Euro Payments Area a real-time payment processing facility operating around the clock, on any day of the year, for payments in line with the SEPA Instant Credit Transfer (or SCT Inst Scheme) of the European Payments Council (EPC).
Currently, over 1.6 million payments are settled in RT1 on weekdays – in real-time and with immediate finality, in around one second, across Europe.
Delivered as a pan-European instant payment system by EBA Clearing, a European-owned, European-governed and European-regulated market infrastructure provider, RT1 is open to any account-servicing payment service provider, adhering to the EPC SCT Inst Scheme.
Erwin Kulk, head of service development and management at EBA Clearing, says: “We are pleased that the changeover to the set-up of the RT1 technical account in TIPS has been successfully completed. Combined with new RT1 liquidity management functionality and the enhancements of our instructing party option, this set-up enables our users to further simplify their daily handling of instant payments and manage their liquidity 24/7.
He adds: “We would like to thank our user community for their major deployment and testing efforts over the past year. We would also like to thank the Eurosystem and our technology partners SIA and SWIFT for their support throughout this comprehensive migration process.”
