- MIP NEWS
Successful completion of ACH migration to TIPS
28 March 2022
The migration of European automated clearing houses (ACHs) from TARGET2 to the TARGET Instant Payment Settlement (TIPS) system has been successfully completed. A total of 11 ACHs have moved their technical accounts from TARGET2 to TIPS for the settlement of instant payments. The ACHs are:
- Bankart, Slovenia;
- CEC, Belgium;
- CENTRO, Lithuania;
- DIAS, Greece;
- EBA Clearing;
- EKS, Latvia;
- equensWorldline, the Netherlands;
- Iberpay, Spain;
- Nexi, Italy;
- SIBS, Portugal;
- STET, France.
These ACHs can now offer instant payments services to their member payment service providers (PSPs), which can send and settle instant payments, as well as adjust the balance (funding and defunding) of their technical accounts, in TIPS.
The move to TIPS started in December 2021 and took place in several waves, with groups of ACHs migrating at different times. The final wave on 25 March marked the end of the migration.
Together with other measures approved by the ECB Governing Council, such as the obligation for all PSPs that had adhered to the SCT Inst scheme to be reachable in TIPS, the migration of ACH technical accounts to TIPS supports the roll-out of instant payments across Europe. These measures will ultimately enable all European citizens to send and receive electronic instant payments to and from any country in the EU.