EPIF welcomes the launch of the Target Instant Payment Settlement (TIPS), and supports its goal of addressing the changes brought about by digitalisation, through enabling payment service providers’ to process customers’ fund transfers in real time throughout the EU.

Elie Beyrouthy, Chair of EPIF states: “EPIF believes instant payments offer many opportunities, particularly in the context of payment initiation and acquiring. That said, we do remain concerned about the fact the ECB does not intend to open Target 2, and TIPS by extension, to direct access by non-banks, owing to restrictions created by the Settlement Finality Directive and PSD2.  This effectively means that access to TIPS would depend on commercial relationships with participating members, which could create possible conflicts of interest.”

In submitting recommendations for EU legislative action for the coming years EPIF supports amendments to the Settlement Finality Directive, in order to allow the extension of TIPS to non-bank payment providers.