Four Months In, Just A Handful Of Banks Using TIPS

Just 30 banks have joined the eurozone’s new instant payments scheme, touted as the portent of a revolution in retail payments, analysis of a European Central Bank (ECB) document shows.

In February, the ECB celebrated the arrival of “800 banks across Europe” as participants in the TARGET instant payment settlement (TIPS) scheme, on the same day a top EU official criticised slow adoption of the system.

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