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 ...