1 TARGET Instant Payment Settlement (TIPS)

TARGET Instant Payment Settlement (TIPS) is a Pan-European Instant Payment solution developed by the Euro system. It is based on the Single Euro Payments Area (SEPA) Instant Credit Transfer scheme and is open for business 24 hours a day, every day of the year. TIPS offers immediate settlement in central bank money.

All the cash used to settle transactions in Euro in TARGET Instant Payment Settlement (TIPS) comes from accounts opened in TARGET2, which is the RTGS for the euro currency. As such, TARGET Instant Payment Settlement (TIPS) can be considered as an additional service to TARGET2. Since the services based on the Scheme are available 24 hours a day and on all Calendar Days of the year, it does not have to return the liquidity to the RTGS at the end of TARGET2 operating day, but both the inbound and outbound liquidity transfers can take place only during TARGET2 operating hours. Therefore, participants to TIPS have to take into consideration their liquidity needs for the hours during which TARGET2 are closed.

Participants achieve the direct access to TIPS with Network Service Providers (NSPs) like SWIFT and SIAnet. Refer to the SEPA Instant Credit Transfer User Guide for details on the AGI and FEMS XS adapters.

A list of the TIPS services on settlement of payment transactions is provided below:
  • Instant Payment Instruction
  • Status report
  • Recall
  • Recall Answer
  • Investigation
  • Request for Status Update on a Recall

Refer to the SEPA Instant Credit Transfer User Guide for processing details.