Eurosystem launches initiatives to improve cross-border payments by interlinking fast payment systems

21 October 2024

The Governing Council of the European Central Bank (ECB) has decided to launch initiatives to help improve cross-border payments within the EU and beyond. The work, which builds on the Eurosystem’s TARGET Instant Payment Settlement (TIPS) service, will include the following:

• Implementation of a cross-currency settlement service in TIPS. The service will allow instant payments originating in one TIPS currency to be settled in another TIPS currency and in central bank money. Initially, euro, Swedish kronor and Danish krone will be available for settlement. Further information can be found here.
• Exploratory work on linking TIPS with other fast payment systems. This will include developing links with partners outside the EU to improve cross-border payments globally. Further information can be found here.

The decision supports the G20 roadmap for creating a faster, cheaper, more transparent and accessible global payments ecosystem, while ensuring secure and reliable instant payments. It also contributes to the goal of the Eurosystem’s retail payments strategy, which aims to help European consumers and businesses make and receive payments involving partners outside the euro area.