The ECB launches a new instant payment system
- 6 months ago
A paying platform system developed by the Bank of Italy (Banca D’Italia) has been launched with the approval of the European Central Bank with the aim to settle payments instantly across the E.U. region.
The Instant Payment Settlement (TIPS) will enable transactions to be completed within seconds, eradicating such problems as bank opening times and with a cost to the provider of a fifth of a euro cent, or €0.002.
It will also directly compete with other tech supremos such as PayPal, Google, Amazon, Tencent and Alibaba.
The first payment via TIPS took place on Friday between a customer of Spain’s CaixaBank and French bank Natixis.
However, so far only eight medium sized banks have signed to the TIPS system with the only notable name being Spain’s BBVA bank.
Source: Smart Trend Team