The European Central Bank (ECB) has published a consultation document setting out the user requirements for a TARGET Instant Payments Settlement (TIPS) service. The ECB explains that TIPS is a service for the settlement of instant payments. The primary aim is to offer settlement of instant payments in Euro, however TIPS could support settlement in non-Euro Central Bank money as well. TIPS will support participants to be compliant with the SEPA Instant Credit Transfer scheme which the European Payments Council has developed for instant payments in Euro. The deadline for comments on the consultation paper is 24 February 2017. The ECB will decide in June 2017 whether to develop the service. If it does decide to proceed, it expects that TIPS will be operational in November 2018.

View ECB market consultation  on TIPS user requirements, 10 January 2017