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ABN Amro connects to Tips for instant payments

Source: ABN Amro

From today, ABN AMRO will connect to TARGET Instant Payments Settlement (TIPS), a clearing and settlement solution for instant payments offered by the European Central Bank (ECB).

This is the third connection that enables ABN AMRO to process even more superfast transfers.

Both payers’ and recipients’ banks need to be signed up to the instant payments system for a transfer to be credited to a recipient’s account within a few seconds, 24/7, all year round. Over 2,300 banks from 22 European countries already participate, and they can be reached via several clearing and settlement solutions.

Sandra Peute, Business Developer for Instant Payments at ABN AMRO, commented: “Since its launch in November 2017, instant payments have been an instant hit. For our customers, superfast transfers are the new standard in payments. That’s why we want to make sure that as many transfers as possible are processed instantly. Our connection to TIPS allows us to make that happen, as we can now reach even more participating banks!”

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