MIP news

TIPS to test gpi payments in euro

22 May 2019

TIPS will be supporting its participants in testing fast global transactions originating on SWIFT’s “global payment initiative” (gpi) service.

The 24/7 availability of central bank money settlement provided by TIPS is expected to reduce the processing time for payments originating outside Europe. Its support for SWIFT’s gpi initiative demonstrates the flexibility of TIPS in catering for new use cases.

TIPS is an innovative pan-European service for settling electronic payments instantly offered by the ECB. TIPS uses central bank money to settle payments individually in less than 10 seconds. TIPS allows payment service providers to offer fund transfers in real time and around the clock. It enables settling instant payments based on the SCT Inst scheme across Europe irrespective of where the payer and the payee are located. The ECB offers TIPS to banks at the low price of €0.002 per transaction, so that they in turn can provide the service to merchants and consumers at a similarly competitive price. For its part, the ECB is committed to establishing a single domestic market for Europe, and TIPS fosters this vision by making it easier to harmonise instant payments. Read more.