TARGET Instant Payment Settlement
TIPS is Eurosystem’s TARGET Instant Payment Settlement service. It enables payment service providers to offer fund transfers to their customers in real time and around the clock, every day of the year, using instant payments.
This service was launched on 30 November 2018 and is compatible with the SEPA Instant Credit Transfer (SCT Inst) Rulebook. TIPS was developed as an extension of TARGET2 and therefore settles payments in central bank money.
TIPS currently only settles payment transfers in euro. However, the platform was developed to be multi-currency, that is, accounts in other currencies could be supported as well.