Launching the new TARGET instant payment service

The TARGET instant payment settlement (TIPS) project is moving ahead! On 21 June 2017 the Governing Council of the ECB endorsed the development of the new TIPS service, which will make it possible to settle instant payments in central bank money around the clock.

After evaluating the feedback received from the market on the User Requirements Document for TIPS, the Eurosystem will now start developing the service, which is expected to start operating in November 2018.

TIPS is one of the Eurosystem’s initiatives to enhance its financial market infrastructure and foster greater integration in financial markets in Europe. Learn more about TIPS in our latest article in MIP OnLine!