The European Central Bank (ECB) has published a consultation paper in the form of a questionnaire on expected volumes in the proposed TARGET instant payment settlement (TIPS). TIPS is intended to be a harmonised and standardised pan-EU settlement service for instant payments with a common functionality across different countries and jurisdictions. TIPS is designed to offer instant settlement services to its participants when an originator instructs the transfer of funds to a beneficiary.

The questionnaire aims to collect feedback on the market interest in TIPS. The deadline to submit completed questionnaires is 24 February 2017. TIPS is currently in the investigation phase, which runs until June 2017. If the decision in June 2017 is to develop TIPS, it is expected to be operational in November 2018.

View ECB market consultation on TIPS expected volumes, 24 January 2017