ECB Consults On Pan-European Instant Settlement

The European Central Bank (ECB) has opened consultations on plans to establish a pan-European instant settlement system in central bank money, available to payment service providers.

The Eurosystem, a monetary authority comprising the ECB and all member state national banks, is seeking opinions on users’ requirements for the scheme — which is named Target Instant Payment Settlement (TIPS) — as well as input on how to ensure harmoinsation and integration across the EU.

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