Langbahn Team – Weltmeisterschaft

TARGET Instant Payment Settlement

TARGET Instant Payment Settlement or TIPS is a TARGET Service of the Eurosystem that allows the settlement of instant payments in central bank money. The acronym TARGET stands for Trans-European Automated Real-time Gross-Settlement Express Transfer; other TARGET Services include T2 (RTGS) and TARGET2-Securities.[1].

TIPS was introduced in November 2018 to respond to developments in the electronic payments market. As of late 2024, it settled payments in euros and Swedish kronas, with extensions planned to Danish krones and Norwegian krones.[2]

Overview

TIPS is an extension of T2 that complies with the SEPA Instant Credit Transfer (SCT Inst) scheme, a functionality of the Single Euro Payments Area (SEPA) initiative. Service providers that participate in T2 need to open a TIPS account to also participate in TIPS.[2] SCI Inst compliance implies that transactions are finally settled in less than ten seconds.[3] In 2024, TIPS settled 99 of transactions in less than five seconds.[4]

Following an agreement between Sveriges Riksbank and the Eurosystem on 3 April 2020, the Swedish RTGS system RIX was connected to TIPS on 23 May 2022,[5]: Box 8  and its integration into TIPS was completed on 19 February 2024.[6] Another agreement of the Eurosystem with Danmarks Nationalbank on 21 March 2024 provides for Denmark to join TIPS (as well as T2) in March 2025.[7]

See also

References

  1. ^ "T2 and the settlement of gross payments". Banca d'Italia. Retrieved 24 December 2024.
  2. ^ a b "What is TIPS?". European Central Bank. Retrieved 25 December 2024.
  3. ^ "SEPA Instant Credit Transfer". European Payments Council. Retrieved 25 December 2024.
  4. ^ "TIPS facts and figures". European Central Bank. Retrieved 25 December 2024.
  5. ^ "TARGET Annual Report 2023". European Central Bank.
  6. ^ "Sweden joins TIPS – Eurosystem instant payments platform also settles in kronor". European Central Bank. 27 February 2024.
  7. ^ "Denmark joins T2 and TIPS to fully integrate Danish krone in Eurosystem's payment services". European Central Bank. 21 March 2024.
Quelle: https://en.wikipedia.org/wiki/TARGET_Instant_Payment_Settlement