ECB consults on TARGET Instant Payments Settlement user requirements document

The Eurosystem has launched an investigation to identify how it can best support the emergence of instant payments and TIPS is intended to offer instant settlement services to its participants when an originator instructs the transfer of funds to a beneficiary, primarily in EUR. Technical implementation of TIPS is intended to be currency agnostic, in order also to support possible settlement of non-EUR central bank money.

TIPS will be designed as a harmonised and standardised pan-European service with common functionality across different jurisdictions and offer a flexible participation structure that can support different business models without compromising the speed and efficiency requirements stipulated by the SEPA Instant Credit Transfer (SCT Inst) scheme which the European Payments Council (EPC) has developed for instant EUR payments.

A decision on whether to develop TIPS is expected in June 2017 and, if agreed, TIPS should become operational in November 2018.

Comments on the consultation are due by 24 February 2017.