Launch of the Eurosystem’s pan-European solution for instant payments

11/30/2018 / Press release

On 30 November 2018 the Eurosystem launched its new pan-European solution for instant payments, the TARGET Instant Payment Settlement or TIPS.

This allows firms and individuals across the EU (provided that the payer’s and payee’s banks are participants in TIPS) to exchange euro payments:

in a few seconds; the payee receives the funds in his/her/its account at the same speed as an email or SMS;
at any time; payments can be made via TIPS 24 hours a day, every day of the year;
at the pan-European level; TIPS provides for the execution of domestic and cross-border payments in the same way.

The development of TIPS began in 2016, and with the aim of ensuring that its attributes are tailored to market requirements has proceeded at all times in close cooperation with the commercial banks and other stakeholders in the field of payments. TIPS has accession conditions that are open and harmonised at EU level, and thus banks from the entire EU can participate in it.

With the aim of ensuring that the largest number of banks join TIPS as quickly as possible, thus allowing instant payments to be made in euros between as many firms and individuals as possible (ideally all) from the entire EU, the Eurosystem is offering TIPS services at low fees. Initially banks participating in TIPS will not be charged fees, then later, for at least the first two years of the functioning of the system, a maximum fee of EUR 0.002 will be charged for the execution of an individual payment, with no additional fees.

Slovenian banks can participate in TIPS via the Bank of Slovenia, by opening a special account at the Bank of Slovenia and putting in place the technical support for connecting to TIPS. The Bank of Slovenia will allow accounts of this type to be opened once TIPS goes live, i.e. as of 30 November 2018.