Commission Nudges Banks Towards Instant Payments As TIPS Rejig Takes Shape

The European Commission’s top official for financial services has again urged banks to sign up to the union’s instant payments systems, as the European Central Bank (ECB) begins work on updates to its slow-growing instant payments scheme, TIPS.

Commission vice-president Valdis Dombrovskis, who leads on the institution’s financial services policy, has previously castigated banks for being slow to make use of the EU’s real-time payments infrastructure and dropped hints about a regulatory shove to boost participation.

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