Specifically, the stakeholders formed the TIPS Contact Group. This left little time to put the project into practice, and it was again only through close cooperation with the market that it was possible to hit this deadline. A go-live date of November 2018 was scheduled. In a second public consultation, the Eurosystem also surveyed market demand for an instant payment service operated by the Eurosystem.īased on the outcomes of these two market consultations, the ECB Governing Council decided on 21 June 2017 to implement TIPS as the first of the three project initiatives under the “Vision 2020” banner.
Draft user requirements were published in early January 2017, and market participants had until 24 February 2017 to comment on them.
Chaired by the ECB, this working group was made up of representatives from banks, clearing houses and the Eurosystem central banks and sought to ascertain user requirements for a future instant payment service. To explore the feasibility of the “ TARGET Instant Payment Settlement ( TIPS)” project, the first step was to create the TIPS Task Force. The development of an instant payment service was one of three projects which the Eurosystem initiated under its “Vision 2020” banner to enhance market infrastructures.Įnhancements to the Eurosystem’s market infrastructure
