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.

https://www.ft.com/content/7b2966ee-dee7-30db-a2cb-2acf516d6a8b
https://www.ecb.europa.eu/paym/initiatives/html/index.en.html
https://www.europeanpaymentscouncil.eu/what-we-do/sepa-instant-credit-transfer