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NOVEMBER 14 2020
Tags: Capital Markets

TIPS becomes mandatory for reachability - are you ready?

Less than 11 weeks to go to the obligatory choice for all European PSPs on how to make themselves reachable on TIPS. The Instant Payments settlement service, despite having been launched over two years ago by the ECB is still very much underused.

To overcome the fragmentation of the market present in the various EU countries, the Governing Council of the ECB has formalized the new regulatory obligations that will lead to the “pan-European reach” of instant payments by November 2021.

Already by the end of January, therefore in less than three months, all PSPs that currently participate in a SCTInst scheme and are reachable on TARGET2 must open a DCA account on TIPS or choose how to make themselves reachable also on TIPS.

Have you already chosen how to make yourself compliant? TAS supports its customers both in the management of central currency accounts on TARGET2 and TIPS with Aquarius, its Liquidity Management platform, and for connectivity to the new ESMIG (Eurosystem Single Market Infrastructure Gateway) via SIA-Colt or SWIFT. Our solutions are available both on-premise and as a service or in the cloud.

Contact our experts now!