Timely go live for TIPS Instant payments: “cash without cash”
Since last Friday, November 30, the TIPS instant payments infrastructure has been up and running, thanks to the new system implemented in just 12 months and delivered on time by the Bank of Italy on behalf of the European Central Bank.
TIPS is unique in guaranteeing settlement directly in central bank money. In practice, the exchange of a payment using TIPS – by smartphone – is the same as a direct exchange of banknotes and coins, available round the clock, 365 days a year, in multi-currency mode.
The system allows all banks to provide their customers with an instant payment service in euro from the beginning, and in all other currencies in the future, at a cost of just 0.2 euro cents per transaction.
The availability of TIPS to end-users will now depend on how quickly the customers' commercial banks can be ready to use the new service.
TAS Group is in the front line to offer this market the interface services to the Network Service Providers enabled to provide access to TIPS (including SIA and SWIFT). The proposed interface solution , whose main components are already at the basis of the gross settlement system for payments (T2) and securities (T2S), goes beyond the TIPS objective, aiming to support all the new settlement and financial services that the Eurosystem will offer to the banks through the new ESMIG platform, of which TIPS is the first enabled service.
As part of the T2 / T2S convergence project (known as Consolidation), the migration to the new infrastructure accessible via ESMIG, will be operational in big bang mode from November 2021, followed in 2022 by the start of the ECMS – Eurosystem Collateral Management System. TAS Group is today fully ready to offer the banks a multi NSP network gateway able to better manage access to all the new services of the articulated ESMIG platform.
Find out more about TAS Group’s proposition to support Banks throughout the Consolidation project
Find out more about the launch of TIPS