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TIPS
What is TARGET Instant Payment Settlement (TIPS)?
TARGET Instant Payment Settlement (TIPS) is a new market infrastructure service launched by the Eurosystem in November 2018. It enables payment service providers to offer fund transfers to their customers in real time and around the clock, every day of the year. This means that thanks to TIPS, individuals and firms can transfer money between each other within seconds, irrespective of the opening hours of their local bank.
The TIPS service is technically designed to process instant payments within ten seconds, to handle large volumes of transactions, be available around the clock without the need for maintenance breaks, and to allow the process of deploying newer versions of the service without interrupting its operation.
Why TIPS?
As a response to the growing consumer demand for instant payments, a number of national solutions have been developed, or are under development, across the EU. A challenge for the Eurosystem is to ensure that these national solutions do not (re)introduce fragmentation into the European retail payments market.
There are two features of TIPS that will help it achieve reachability across the whole of Europe:
- First, TIPS is based on the SEPA Instant Credit Transfer (SCT Inst) – a scheme for pan-European instant payments, expected to be used by a large number of payment service providers across Europe.
- Second, TIPS was developed as an extension of TARGET2, which already has an extensive network of participants across Europe. The accounts in this TARGET2 payment system serve as a source of liquidity for TIPS DCA accounts (dedicated cash accounts) on which the immediate settlement of instant payments takes place.
There are no entry or account maintenance fees. The price per instant payment transaction is fixed at 0.20 cent (€0.002).
Harmonized conditions for participation in TIPS
Decision of Národná banka Slovenska No. 9/2018 on conditions for the opening and operation of a TIPS account (TIPS DCA) in TARGET2-SK. (available only in Slovak language)
For more information about TIPS, visit the following websites:
https://www.ecb.europa.eu/paym/target/tips/html/index.en.html