- MIP NEWS
11 Portuguese banks join TIPS
5 November 2020
The Portuguese market has joined TARGET Instant Payment Settlement (TIPS) with 11 banks connecting as participants. The TIPS service allows them to process real-time payments within seconds, every day of the year.
Payment service providers can join TIPS either as direct participants or as reachable parties, and perform transactions with each other. In July the ECB announced measures to ensure that instant payments are available to European citizens and businesses via the TIPS platform. These measures will help TIPS achieve full pan-European reachability by the end of 2021.
Other banks that joined TIPS as participants in October are Rabobank Nederland, Banque du Bâtiment et des Travaux Publics and Crédit Coopératif. See the full list of TIPS participants and reachable parties here.