All you need to know to join TIPS

11 May 2021

Want to know more about how to join the Eurosystem’s instant payment settlement service? Check out the information sheet TIPS – Towards pan-European reachability, which helps onboard new participants in TARGET Instant Payment Settlement (TIPS) and guides national communities in Europe on how to optimise their use of the service. The aim is to provide an overview of the main features of TIPS, including connectivity options, functioning of the platform and requirements to join.

Banks and payment service providers can join TIPS in two different ways depending on their needs:

• as participants, by opening a dedicated cash account in TIPS;
• as reachable parties, by entering into agreement with a direct participant.

In addition, TIPS participants and reachable parties can decide to either send and receive instant payments themselves, or make use of an instructing party that sends and receives instant payments on their behalf.

Participants need to fulfil the same eligibility criteria as for participation in TARGET2 and should submit the required documentation to the central bank in their country.

The information sheet also offers key facts about the readiness framework that will ensure full reachability of instant payments in Europe. By November 2021, payment service providers that have adhered to the SEPA Instant Credit Transfer (SCT Inst) scheme and are reachable in TARGET2 must also become reachable in TIPS. The readiness framework is also relevant for current TIPS participants, which are responsible for their own preparation and for ensuring their reachable parties are prepared.

The information sheet has been produced in collaboration with the national central banks of the Eurosystem, with the Banco de España as the main contributor. All relevant documents and links related to TIPS are available in the For professional use section of this website.