ECB sets up instant payment service for eurozone

The European Central Bank will set up a eurozone-wide instant payment system allowing consumers and businesses to send money anywhere in the bloc “within a matter of seconds”, in a bid to enhance integration.

Known as TIPS (Target Instant Payment Settlement), the 24-hour system will “help facilitate instant money transfers, offered via banks, so that citizens and firms can make instant retail payments across Europe”, the ECB said.