Target Instant Payments Scheme
Payment systems - European Central Bank.
TARGET Instant Payment Settlement (TIPS) is a market infrastructure service launched by the Eurosystem in November 2018.
It enables payment service providers to offer fund transfers to their customers in real time and around the clock, every day of the year.
This means that retail and corporate customers can transfer money between each other within seconds, irrespective of the opening hours of their local bank.
TIPS was developed as an extension of TARGET2 and settles payments in central bank money.
TIPS currently only settles payment transfers in euro.
However, in case of demand other currencies could be supported in the future as well.