ECB invites expressions of interest for mobile app development challenge

ECB invites expressions of interest for mobile app development challenge

The European Central Bank is inviting independent techies and vendors to develop a mobile app for its forthcoming instant payment settlement system that will let people and businesses send money anywhere in the euro area within seconds.

Slated to go live in November 2018, the Target instant payment settlement (Tips) platform will offer real-time money transfer via banks around the clock, 365 days a year, in the 19 euro countries.

In a statement announcing the tech development challenge, the ECB states: "Tips, or any other market infrastructure alone, will not be enough to ensure that the citizens of Europe start using instant payments. Apps that can easily initiate instant payments will also be needed."

The central bank is inviting expressions of interest by 1 December. It will provide successful applicants with a dedicated space to present their prototype to participants attending a one-day ECB-convened conference at its premises in Frankfurt am Main in February.

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