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Baltic market settles instant payments in TIPS

25 November 2022

The ECB welcomes the Baltic market to TARGET Instant Payment Settlement (TIPS). Baltic region banks which participate via the Ancillary System Technical Account of Latvijas Banka have started to settle a significant proportion of instant payments via TIPS.

TIPS allows customers of the Baltic banks to make instant payments within seconds across Europe thanks to the pan-European reach of the system.

TIPS is a pan-European service offered by the Eurosystem to payment service providers and clearing houses that participate in TARGET2. The system operates on a 24/7/365 basis and is used for settling electronic retail payments instantly. TIPS uses central bank money to facilitate transfers between individuals and businesses within seconds, irrespective of the opening hours of their local bank. Payment service providers can join TIPS as direct participants and reachable parties.