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ECB Launches European Instant Payments System

Law360, London (November 30, 2018, 6:01 PM GMT) -- The European Central Bank went live on Friday with a new system aimed at letting banks settle cross-border payments instantly across Europe.

The so-called Target Instant Payment Settlement system, known as TIPS, will let people and companies in Europe transfer euros to each other within 10 seconds and regardless of the opening hours of their local bank. The ECB said it can support other currencies too if there is demand.

Banks have been under pressure to develop better, faster and safer transactions systems to fend off the challenge of digital currency competitors and to catch up with contactless systems run by...

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