ECB announces instant payment settlement scheme for 2018
“Tips” will be based on existing Target-2 system
The European Central Bank (ECB) will establish an instant payment system for the eurozone, with operations due to start in November 2018, it announced on June 22.
The Target instant payment settlement (Tips) system will be based on the ECB’s Target-2 real time gross settlement system. The service will allow citizens and firms to transfer money at any time for 365 days a year. Tips would “contribute to further enhance the euro area’s integration”, the ECB said.
Michael McKee, a regulatory
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