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Financial News: ECB To Develop Instant Payment Service For Eurozone

ECB To Develop Instant Payment Service For Eurozone

06/22/2017 - 09:20:00 (RTTNews)

(RTTNews) - A new service to enable citizens and firms to transfer money real time within the euro area will be put into operation in November 2018, the European Central Bank said on Thursday.

The Governing Council has decided to develop a new service for the settlement of instant payments, the ECB said in a statement.

"The new service, TARGET instant payment settlement (TIPS), will enable citizens and firms to transfer money between each other in real time and will be available around the clock, 365 days a year," the bank said.

The ECB already runs the TARGET2, which is the Real Time Gross Settlement System, used to process large-value payments in euro in real time.

Broadening the scope for real time settlements, the new service, TIPS, will enable citizens and firms to make instant retail payments across Europe.

"The service will be developed in close cooperation with the banking industry in Europe and will be offered to banks at the low price of a maximum of 0.20 eurocent (?0.0020) per payment for at least the first two years of operation," the bank said.

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