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TIPS

FPS

TARGET Instant Payment Settlement - ECB's infrastructure for settling SEPA Instant Credit Transfers in central bank money. 24/7/365. Part of the consolidated TARGET Services platform alongside T2 RTGS and T2S securities settlement. Mandatory reachability for all EU PSPs from October 2025 under the Instant Payments Regulation. The ECB lists four TIPS interlinking corridors: the link with India's UPI is in the realisation phase, and Nexus, Switzerland's SIC IP and Brazil's Pix are in the investigation phase. The ECB said on 24 September 2026 that its Governing Council had approved an assessment of the feasibility of a TIPS link with Pix.

NowHours: computing from the published schedule…Service condition: not monitored details

ClearingPost does not assess whether TIPS is running normally.

Next

All 9 upcoming →

Dated items ClearingPost holds, each with its source and whether the date is confirmed

Later: 2 dated items after 13 Nov 2027 →

Changed

All recorded changes →

Material, sourced changes ClearingPost recorded; corrections to its own record are labelled as such

  • Data updateTIPS participant count updated
    16,293 BICs on the ECB TIPS participants and reachable parties list (EUR); 123 direct participants and 9,133 reachable p… changed to 16,293 user BICs covering 3,627 distinct financial institutions on the ECB list of TIPS direct participants and reachabl…
    recorded 4 Nov 2026 · List of TIPS direct participants and reachable parties – EURsource ↗
  • Data update
    TIPS average daily transactions updated to EUR 5,175,284, SEK 3,042,190, DKK 1,634,880; total 9,852,354 · TIPS average daily value updated to EUR €7.3bn, SEK 2.0bn SEK, DKK 1.6bn DKK
    recorded 13 Oct 2026 · ECB TARGET statistics — Table 1: settled volumes
  • Data updateTIPS participant count updated
    123 direct participants and 9,133 reachable parties (ECB facts page, August 3, 2026); ECB participants and reachable par… changed to 16,293 BICs on the ECB TIPS participants and reachable parties list (EUR); 123 direct participants and 9,133 reachable p…
    recorded 6 Oct 2026 · List of TIPS participants and reachable parties (EUR)source ↗
  • Data update
    TIPS daily transaction volume increased to 9,562,614 transactions daily average (EUR 4,993,929 + SEK 3,027,258 + DKK 1,541,427) · TIPS daily transaction value updated to EUR €6.8 billion, SEK 2.0 billion SEK, DKK 1.5 billion DKK daily average
    recorded 8 Sep 2026 · ECB payment statistics, large-value payment systems, Table 1
  • Data updateTIPS participant count updated
    123 direct participants; 9,133 reachable parties (EUR, ECB facts page, last updated August 3, 2026) changed to 123 direct participants and 9,133 reachable parties (ECB facts page, August 3, 2026); ECB participants and reachable par…
    recorded 5 Sep 2026 · ECB — List of TIPS direct participants and reachable parties (EUR)source ↗

Rules & documents

All 5 documents ↓

The rulebooks, operating rules and standards documents ClearingPost holds for TIPS, each with its current version, or the latest published one when none is in force yet

Sources ClearingPost reads ECB · Authoritative (T1) · 18 of 20 fields carry a source and a recorded date · latest sourced entry recorded 6 Nov 2026 · evidence details ↓

Record · TIPS

Country
Eurozone (EU)
Currency
Euro (EUR)
Operator
ECB / Eurosystem
Type
FPS
Operating Window
24/7/365
Year Established
2018
Tier?
Tier 1
ISO 20022?
Native
Region
Europe
Settlement Type?
Gross
Participants
16,293 user BICs covering 3,627 distinct financial institutions on the ECB list of TIPS direct participants and reachable parties (EUR)
Avg Daily Transactions
EUR 5,175,284, SEK 3,042,190, DKK 1,634,880; total 9,852,354
Avg Daily Value
EUR €7.3bn, SEK 2.0bn SEK, DKK 1.6bn DKK
Availability
24/7/365
Notes

Cross-border pricing is carried on the ECB TIPS cross-border page itself, re-read on a readable capture of 6 November 2026 taken to replace the 3 November capture that the article validator could not locate in the governed evidence store. The page states the fee levels, attributes the framework to the ECB Governing Council decision of 24 September 2026, puts it into effect in mid-2027, rules out any dedicated monthly fee for cross-border services, splits the fees equally between the TIPS participants involved, and applies a fee holiday during each corridor's pilot phase for a maximum of six months. Corridor phases are unchanged: India-UPI in realisation; Nexus, Switzerland-SIC IP and Brazil-Pix in investigation. Neither Canada nor the Real-Time Rail appears on the register.

ECB / Eurosystem official website →
Reference Sources
ECB
Authoritative (T1)Entry recorded Mar 13, 2026
Status →Incident History →Statistics →Operating Schedule →
Reference Documents
TARGET Operating Scheduleoperating schedule
ECB · recorded version 2026
Entry recorded Jun 5, 2026
View document →
TIPS User Detailed Functional Specifications (UDFS) and User Handbook (UHB)technical spec
European Central Bank · R2026.JUN · Effective Jun 12, 2026
Latest recorded change

TIPS UDFS and UHB R2026.JUN, dated 24 November 2025 and published with the ECB cover note of 27 November 2025. The Eurosystem's milestones set 12 June 2026 as the date TIPS Release R2026.JUN is live in production. The scope includes rule-based liquidity transfer orders between MCA and TIPS DCA (TIPS-0028), alignment of TIPS messages with ISO maintenance releases 2020 to 2024 (TIPS-0072), enhanced filtering in the TIPS Enhanced Information Database (TIPS-0086), enhancements of TIPS cross-currency functionalities (TIPS-0090), balance codes FLOR and CEIL in the return account message (TIPS-0092) and an A2A implementation of TIPS broadcasts (TIPS-0094). The linked file is the UDFS; the UHB of the same release is listed on the same ECB page. To be superseded by R2026.NOV, which the milestones schedule live in production on 27 November 2026.

Entry recorded Oct 8, 2026
View document →
TARGET Services Annual Reportannual report
European Central Bank · 2025
Latest recorded change

Annual report on TARGET Services in 2025, covering T2, T2S, TIPS and the Eurosystem Collateral Management System (ECMS), which went live on 16 June 2025 as the fourth TARGET Service. T2 settled 111,910,103 payments in 2025, above the previous peak of 107,999,982 in 2024. Its boxes include the impact of the Instant Payments Regulation on liquidity in TIPS and TIPS cross-currency settlement and interlinking.

Entry recorded Oct 8, 2026
View document →
TARGET Guideline: Guideline (EU) 2022/912 (ECB/2022/8), as amendedregulatory textExternal document · European Central Bank
European Central Bank · As amended by Guideline (EU) 2026/1473 (ECB/2026/11)
Latest recorded change

Guideline (EU) 2026/1473 of 4 May 2026, published in the Official Journal of the European Union (L series) on 1 July 2026, amends the TARGET Guideline. It takes effect on notification to the euro area national central banks, which apply the measures in Annexes I and II from 15 June 2026 and those in Article 1(1) and (2) and Annexes III and IV from 14 November 2026. From 1 July 2026 holders of RTGS dedicated cash accounts (DCAs) choose between a monthly fee of EUR 400 with a fixed fee of EUR 0.80 per payment order and a monthly fee of EUR 5,000 with volume-based transaction fees. The Bank of Finland made corresponding changes to the rules of its TARGET component system (TARGET-Suomen Pankki), in force from 15 June 2026. EUR-Lex gives 15 June 2026 as the date of the current consolidated version of the TARGET Guideline.

Entry recorded Oct 8, 2026
View document →
CBPR+ Roadmap Beyond November 2025regulatory textExternal reference · SWIFT
SWIFT · June 2026
The document record does not show the TIPS operator as its publisher and does not name TIPS, so its dates are not shown as TIPS dates.
Latest recorded change

Updated CBPR+ roadmap (June 2026 edition) listing November 2026 (SR 2026) milestones: MT101 discontinued, non-compliant formats NAKd, only structured/hybrid postal addresses accepted; November 2027 legacy E&I formats discontinued, full Case Management mandatory; November 2028 MT 940/950/942 and MT 104/190/191 discontinued. On 27 August 2026 Swift applied a controlled extension of Standards Release 2026 that defers all payments changes, including the structured address requirement; Swift will provide an update on structured-address timing by December 2026 at the latest, and non-payments SR 2026 changes go live in Q1 2027.

Entry recorded Jun 5, 2026
View document →
See all FPS systems →See all systems in Eurozone →ISO 20022 migration status →Payment rails by country →
Products on this rail
SEPA Instant Credit Transferinstant transfer
European Payments Council (EPC)
Other systems in the same country or region
T2 / TARGETRTGS
Eurozone · EUR · ECB / Eurosystem
SEPA SCTACH
Eurozone · EUR · EPC / CSMs
SEPA SDDACH
Eurozone · EUR · EPC / CSMs
SEPA InstFPS
Eurozone · EUR · EPC / RT1 / TIPS
EURO1Hybrid
Eurozone · EUR · EBA Clearing
CHAPSRTGS
United Kingdom · GBP · Bank of England

Operations · TIPS

Operational monitoring: not configured. ClearingPost does not monitor operational sources for this system and does not assess its current service condition.

Operations lists the systems ClearingPost monitors and the operational events it has recorded.

Intelligence for TIPS (33)

Coverage whose headline or summary names TIPS, or names its operator or country together with its system type. Each item quotes that evidence and says whether the source is the TIPS operator or external.

NewsNov 4, 2026Headline names “TIPS”
Canada and the EU Put Real-Time Rail to TIPS Interlinking in Their New Alliance
A Canadian government backgrounder issued at the Montreal summit on 30 October 2026 sets out the intention. It would connect a Canadian rail that Payments Canada has not yet placed in production with the Eurosystem's instant settlement service.
External source · Prime Minister of Canada
NewsNov 3, 2026Headline names “TIPS”
ECB Sets 27 November Production Go-Live for TIPS Release R2026.NOV
Market Infrastructure Board sign-off for the next TIPS software version is due on 11 November 2026, with the release reaching production on 27 November. Deployment across TARGET Services as a whole has been confirmed for 28 November 2026.
Operator source · European Central Bank
NewsOct 17, 2026Headline names “TIPS”
ECB Opens a TIPS Cross-Border Market Contact Group to Applications
Payment service providers and automated clearing houses active in cross-border retail payments may now apply for seats on the Eurosystem's new advisory body for TIPS cross-border services.
Operator source · European Central Bank
NewsOct 4, 2026Headline names “TIPS”
ECB Governing Council Reviews a Pricing Recommendation for the TIPS Interlinking Service
Charging for cross-border instant payments through TIPS has reached the Eurosystem's top decision-making body. The ECB's register of corridors now lists four, with India's UPI alone at the realisation stage. The ECB promises further detail on its website as work advances.
Operator source · European Central Bank
NewsSep 26, 2026Headline names “TIPS”
ECB Governing Council Clears Assessment of a TIPS Link to Brazil's Pix
The Eurosystem's plan to reach Brazil now joins its other instant-payment interlinking projects: membership of Nexus Global Payments, a bilateral link to India's Unified Payments Interface, and a bilateral link to the Swiss Interbank Clearing Instant Payments system, all named by the ECB in the same notice.
Operator source · European Central Bank
NewsSep 8, 2026Summary names “TIPS”
Eurosystem Shifts November 2026 TARGET Services Deployment to 28 November
A two-week postponement pushes the T2, T2S, TIPS and ECMS release weekend to the end of November 2026 while leaving the planned functional scope of the releases unchanged.
Operator source · European Central Bank
NewsSep 8, 2026Headline names “TIPS”
ECB Confirms Preliminary Investigation Into Linking TIPS With Brazil's Pix
Brazil's instant payment system has entered a formal Eurosystem assessment as a candidate for a central bank-to-central bank cross-border connection. The review covers legal, technical, security and operational questions and is due to close this month, ahead of a reported four-stage path that would reach a working trial in mid-2028.
External source · Finextra
NewsJul 20, 2026Headline names “TIPS”
TIPS Euro Volumes Exceed Five Million Daily Average for First Time in June
The Eurosystem's instant settlement platform reached record euro processing levels in June 2026, with both transaction counts and settlement values hitting all-time monthly highs according to ECB data.
Operator source · ECB TARGET Services Table 1
AnalysisJun 30, 2026Headline names “TIPS”
Bulgaria Retires BISERA6 and Blink as Euro Adoption Shifts Payment Traffic to TARGET and TIPS
Bulgaria's accession to the eurozone on January 1, 2026 retired its domestic RTGS, batch clearing, and instant payment systems. All payment traffic now settles through the Eurosystem's T2, STEP2, and TIPS platforms.
External source · European Payments Council
NewsJun 25, 2026Summary names “TIPS”
SWIFT Ends IPLA and SIL Support on June 30, Affecting T2 and CHAPS Connectivity
Red Hat's decision to end support for Fuse, the open-source integration framework underpinning SIL, is the primary trigger. IPLA and SIL cannot fully support ISO 20022's structured data requirements that T2, CHAPS, and TIPS now mandate.
External source · Aqua Global
Showing 10 of 33 · View all intelligence →

Wider coverage that mentions TIPS (17)

These articles mention TIPS in their text but not in their headline or summary, so they are listed as context rather than as TIPS intelligence.

RegulationOct 22, 2026Text mentions “TIPS”
Swift's 12 June 2027 Standards Release Date Covers Securities, Not CBPR+ Payments
Swift has set no date for the CBPR+ payments package and will agree the scope of Standards Release 2027 with its community, a decision Clearstream says will be communicated before the end of 2026. Separately, the ECB's 4 September announcement paired a two-week shift in the November TARGET Services deployment with a temporary T2 measure that keeps fully unstructured postal addresses usable in T2 RTGS messages for a limited period.
External source · European Payments Council
RegulationJun 6, 2026Text mentions “TIPS”
Eurosystem Commits to Weekend Settlement Windows for T2 Within Two Years
The Eurosystem published a phased roadmap on May 28 for extending T2 operating hours, committing to weekend settlement windows within two years. Medium-term options include near-24/7 CLM operation and extending RTGS toward a 24/5 schedule, with a second market consultation planned for late 2026 or early 2027.
Operator source · ECB Market Infrastructure and Payments
AnalysisJun 4, 2026Text mentions “TIPS”
ECB Excess Reserves Remuneration at Deposit Facility Rate Takes Effect June 17
An ECB Governing Council decision replaces the flat zero-percent return on surplus liquidity with the prevailing deposit rate, improving the economics of holding overnight settlement funds across the TARGET platform from mid-June 2026.
Operator source · European Central Bank
RegulationMay 29, 2026Text mentions “TIPS”
Digital Euro Legal Tender Status Draws Competition Warning from EPI as EU Targets Year-End Legislation
If the regulation is adopted by year-end 2026, the ECB's timeline targets PSP pilot invitations in the second half of this year and potential first issuance by 2029. Weimert has acknowledged a use case for the digital euro in offline payments.
External source · Euronews
RegulationMay 27, 2026Text mentions “TIPS”
European Commission Opens MiCA Review Consultation, Reassessing Stablecoin Interest Ban
The European Commission published a consultation on 20 May seeking input on potential amendments to the Markets in Crypto-Assets Regulation, with responses due by 31 August. Topics under review include whether to maintain the prohibition on stablecoin interest and yield, how to extend regulatory coverage to decentralized finance, and revised rules for reserve requirements and multi-jurisdiction token issuance.
External source · CoinTelegraph
AnalysisMay 26, 2026Text mentions “TIPS”
Bizum's NFC Launch Puts SEPA Instant Credit Transfers at the Spanish Point of Sale
Spain's Bizum activated NFC contactless payments at merchant terminals on May 18, routing all in-store transactions as SEPA Instant Credit Transfers through Iberpay. With 30.6 million enrolled users and 111,000 connected merchants, the launch positions account-to-account instant payments as a direct alternative to card networks at the physical point of sale.
External source · Banco de España
AnalysisMay 18, 2026Text mentions “TIPS”
TARGET's ISO 20022 Message Unfreeze Begins With R2026.JUN Deployment in June
Step one upgrades supporting messages from MR2019 to MR2025. Step two, scheduled for R2026.NOV deployment on 28 November 2026, will advance these messages from MR2025 to MR2026. Seven core T2 RTGS payment messages remain on MR2019: pacs.002, pacs.
Operator source · ECB
AnalysisApr 27, 2026Text mentions “TIPS”
Wero's Autumn 2026 NFC Payments Will Use Card Rails, Not SEPA Instant
EPI plans for Wero NFC contactless payments from autumn 2026 will initially route transactions through existing CB, Visa, and Mastercard card networks. True account-to-account NFC payments bypassing card schemes are not expected until the second half of 2027.
External source · BPCE Group Newsroom
NewsApr 1, 2026Text mentions “TIPS”
Eurosystem Publishes Comprehensive Payments Strategy, Pontes DLT Settlement Set for Q3 2026
The ECB's new framework covers wholesale, business-to-business, retail, and cross-border payments, confirming a Q3 2026 launch for the Pontes tokenised settlement platform after 64 participants settled EUR 1.6 billion in 2024 exploratory trials.
Operator source · European Central Bank
AnalysisMar 28, 2026Text mentions “TIPS”
Euro Area Instant Credit Transfer Share Reaches 23 Percent as Sending Mandate Reshapes Volumes
The seven-percentage-point gain in instant credit transfer market share between H1 2024 and H1 2025 reflects early effects of the EU sending mandate, but the persistent gap between 23 percent volume share and 7 percent value share signals that corporate treasury flows remain on standard rails.
Operator source · European Central Bank
Showing 10 of 17.
Not listed here: 62 tagged articles that do not mention TIPS. All coverage is in Insights.