ECB goes live with pan-European instant payments
December 3, 2018

The European Central Bank (ECB) has launched an innovative pan-European service for settling electronic payments instantly. TARGET instant payment settlement (TIPS) uses central bank money to settle payments individually in under ten seconds. 

TIPS went live on Friday, November 30. The ECB says the first transaction took place immediately, when a client of the Spanish bank, CaixaBank, used TIPS to make an instant payment to a client of the French bank, Natixis. Together with Abanca Corporación Bancaria, Banco Bilbao Vizcaya Argentaria, Banco de Crédito Social Cooperativo, Berlin Hyp, Caja Laboral Popular Cooperativa de Crédito and Teambank, they are the first banks to join TIPS. 

The ECB says the new service is offered at an attractive price. Operating under the principle of full cost recovery, TIPS has no entry or maintenance fees for account holders. The price per initiated transaction is set at EUR 0.002 for the first two years of operation, with no charges for the first ten million payments settled on each TIPS account by the end of 2019.

The ECB says that banks across Europe can now follow the lead of France, Germany and Spain, which have already connected to TIPS, by linking to the platform and developing user-friendly solutions that support the take-up of instant payments by appealing to both retailers and consumers.





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The European Central Bank (ECB) has launched an innovative pan-European service for settling electronic payments instantly. TARGET instant payment settlement (TIPS) uses central bank money to settle payments individually in under ten seconds. 

TIPS went live on Friday, November 30. The ECB says the first transaction took place immediately, when a client of the Spanish bank, CaixaBank, used TIPS to make an instant payment to a client of the French bank, Natixis. Together with Abanca Corporación Bancaria, Banco Bilbao Vizcaya Argentaria, Banco de Crédito Social Cooperativo, Berlin Hyp, Caja Laboral Popular Cooperativa de Crédito and Teambank, they are the first banks to join TIPS. 

The ECB says the new service is offered at an attractive price. Operating under the principle of full cost recovery, TIPS has no entry or maintenance fees for account holders. The price per initiated transaction is set at EUR 0.002 for the first two years of operation, with no charges for the first ten million payments settled on each TIPS account by the end of 2019.

The ECB says that banks across Europe can now follow the lead of France, Germany and Spain, which have already connected to TIPS, by linking to the platform and developing user-friendly solutions that support the take-up of instant payments by appealing to both retailers and consumers.



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