PSPs can now settle cross-currency payments on TIPS

Payment service providers (PSPs) can now leverage the TARGET Instant Payment Settlement (TIPS) system to settle cross-currency payments involving the euro, Swedish krona, and Danish krone. This significant development, enabled by updated TIPS access, allows for seamless movement of these three currencies within the eurozone's instant payment infrastructure.

The integration streamlines cross-border transactions, offering greater efficiency and potentially lower costs for businesses operating across these currency zones. This move by the ECB, Sveriges Riksbank, and Danmarks Nationalbank enhances the interoperability of European payment systems.

This enhancement to TIPS is expected to foster increased adoption of instant payment solutions and facilitate smoother financial operations for PSPs and their clients. It marks a crucial step towards a more unified and responsive European payments landscape.