- MIP NEWS
New participants join TIPS
11 January 2022
45 payment service providers (PSPs) have recently joined the TARGET Instant Payment Settlement (TIPS) platform. They come from 12 euro area countries and will help to ensure that citizens and firms can make instant payments anywhere in Europe. TIPS currently counts a total of 123 direct participants and 9133 reachable parties.
TIPS is the instant payment settlement system of the ECB that allows participants to settle payments in central bank money around the clock. Two measures were announced in 2020 to fully ensure reachability for instant payment providers throughout Europe: all PSPs in TARGET2 that adhere to the SCT Inst scheme should be reachable in TIPS and the automated clearing houses (ACHs) should move their technical accounts from TARGET2 to TIPS. The first wave of ACHs migrated their technical accounts on 10 December 2021.
The full list of TIPS participants and the list of reachable parties are available here.