The European Central Bank has announced that its Governing Council has decided to develop a new service for the settlement of instant payments. The new service, TARGET instant payment settlement (TIPS), will enable citizens and firms to transfer money between each other in real time and will be available around the clock, 365 days a year. TIPS is scheduled to start operating in November 2018.

View ECB to develop a service for the settlement of instant payments, 22 June 2017