The ECB Governing Council adopted Guideline ECB/2026/11 on May 4. The guideline amends the TARGET legal framework to integrate the European Payments Council's One-Leg-Out Instant Credit Transfer scheme into TIPS. This provides the regulatory basis for TIPS to settle cross-border instant credit transfers where one leg of the payment is denominated in euro.
OLO ICT enables payment service providers to offer international instant transfers with upfront cost transparency and traceability for the euro leg. TIPS settles the euro portion in central bank money within seconds while the correspondent bank or partner system processes the non-euro leg. The scheme complements the cross-currency instant payment capability launched in October 2025 for EUR, SEK, and DKK settlement within TIPS.
The guideline amendment takes effect with the TIPS R2026.JUN production deployment scheduled for June 8.