Focus Session

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Practical information

Opening remarks: Eurosystem’s initiatives on cross-border payments

In October 2024, the ECB announced initiatives to improve cross-border payments within the EU and beyond. Today, cross-border payments are slow, complex and expensive which the G20 roadmap and the Eurosystem’s retail payments strategy have identified as issues. The ECB initiatives include (i) implementing a cross-currency settlement service in TARGET Instant Payment Settlement (TIPS), allowing instant payments originating in one TIPS currency to be settled in another TIPS currency, and (ii) the establishment of bilateral and multilateral technical links between TIPS and other fast payment systems.

Ulrich Bindseil, Director General, European Central Bank

Introduction to the TIPS cross-currency service

The Governing Council of the ECB has decided to implement a cross-currency settlement service for the TIPS hosted currencies (EUR, SEK, DKK and other future onboarding currencies). The initiative builds on the exploratory technical work started in 2020 and the ECB is collaborating with Sveriges Riksbank and Danmarks Nationalbank. This session will provide background on the initiative, information on the timeline for the go-live of the service and an overview of potential future enhancements of the service.

Dimitri Pattyn, Deputy Director General, European Central Bank

Fireside chat

TIPS settles instant payments in euro and Swedish kronor, and in Danish krone as of April 2025. This fireside chat will discuss the strategic considerations of Sveriges Riksbank and Danmarks Nationalbank for joining TIPS with their currencies for instant payments and their perspectives on the TIPS cross-border strategy.

• Christina Wejshammar, Head of Payments Department, Sveriges Riksbank
• Peter E. Storgaard, Assistant Governor and Head of Financial Stability, Danmarks Nationalbank

Moderator: Dimitri Pattyn, Deputy Director General, European Central Bank

Technical introduction to the cross-currency service in TIPS

The cross-currency settlement service will be deployed in TIPS via a change request based on the European Payment Council’s One-leg-out Instant Credit Transfer (OCT Inst) scheme and in close collaboration with market participants. This session will provide further functional and technical insights related to the settlement model.

Andrea Dimartina, Market Infrastructure Expert and TIPS Functional Manager, Banca d’Italia

Work ahead: Market involvement and launch of call of interest

The ECB invites payment service providers and other market participants to take part and contribute to the implementation of the TIPS cross-currency settlement service to ensure the reachability of the service and contribute to the objective of enhancing cross-border payments. Activities will, among others, involve testing the service and the definition of future enhancements. Discover with this session how to participate to this work.

Jean Clement, Adviser, European Central Bank

Closing remarks

Dimitri Pattyn, Deputy Director General, European Central Bank

End of event