Source: European Central Bank
Raiffeisenlandesbank, Raiffeisen International, BRED SA and Unicredit AG Germany have joined the TARGET Instant Payment Settlement (TIPS) service, which offers real-time payments around the clock.
This enables their customers to make payments within seconds.
The benefits of TIPS are not limited to banks that are directly connected to the platform. TIPS also allows payment service providers that cannot or do not want to open an account in TIPS to become a reachable party on the platform. Thanks to that, TIPS has the potential to ensure full European reach. With the new participants about 800 banks across Europe are now connected to each other via TIPS and can make instant payments.