Source: European Central Bank
A first group of automated clearing houses (ACHs) have successfully moved their technical accounts from TARGET2 to the TARGET Instant Payment Settlement (TIPS) system.
The ACHs that have now migrated to TIPS are:
Payment service providers (PSPs) that use these ACHs can adjust the balance (funding and defunding) of their technical accounts at their ACH and start sending and receiving instant payments via TIPS.
The migration of ACH technical accounts to TIPS is one of the measures approved by the ECB Governing Council to increase the reach of instant payments at the pan-European level. Another measure indicates that all PSPs in TARGET2 that had adhered to the SCT Inst scheme should become reachable in TIPS, either as a participant or as a reachable party. These measures will ultimately enable European citizens and businesses to send and receive electronic instant payments from and to any country in the EU, both at the point-of-sale and online.
The next ACH migration waves are expected to take place on 21 January and 25 February 2022. More information can be found in the TIPS Migration Strategy for Ancillary Systems.