The European Central Bank published TARGET services monthly statistics for March 2026. TIPS processed 147 million EUR transactions during the month at a daily average of 4.74 million. This represents a 110 percent increase over March 2025's daily average of 2.26 million. Settlement values averaged €5.7 billion daily, quadrupling the €1.4 billion recorded a year earlier.
TIPS accounted for 83.4 percent of all TARGET transactions by volume in March, up from 81.9 percent in February. The platform settled €178.6 billion in the month, 0.2 percent of TARGET's €83 trillion total. Including Swedish krona and Danish krone settlements, total TIPS traffic across all three currencies reached approximately 10 million transactions per day.
Q1 2026 maintained consistent month-on-month growth: January averaged 3.64 million EUR daily, February 4.16 million, and March 4.74 million. The acceleration follows the October 2025 sending mandate under the EU Instant Payments Regulation. On April 9, non-euro EU member state PSPs reached their receiving mandate deadline, with their sending obligation due October 9, 2027.