ECB advances TIPS and fast payments interlinking initiative

The European Central Bank (ECB) Governing Council has agreed to move forward with efforts to connect the Eurosystem’s TARGET Instant Payment Settlement (TIPS) system to other real-time payment networks worldwide, including India’s Unified Payments Infrastructure (UPI). This decision supports the aim of improving cross-border payment processes for European businesses and individuals, particularly in the context of remittances. Following exploratory work launched in October 2024, which studied the potentia ...