TARGET Instant Payment Settlement

TARGET Instant Payment Settlement or TIPS is a TARGET Service of the Eurosystem that allows the settlement of instant payments in central bank money. The acronym TARGET stands for Trans-European Automated Real-time Gross-Settlement Express Transfer; other TARGET Services include T2 (RTGS) and TARGET2-Securities.

TIPS was introduced in November 2018 to respond to developments in the electronic payments market. As of late 2024, it settled payments in euros and Swedish kronas, with extensions planned to Danish krones and Norwegian krones.

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