TARGET Instant Payment Settlement or TIPS is a TARGET Service of the Eurosystem that allows the settlement of instant payments in central bank money.
[1] TIPS was introduced in November 2018 to respond to developments in the electronic payments market.
[2] TIPS is an extension of T2 that complies with the SEPA Instant Credit Transfer (SCT Inst) scheme, a functionality of the Single Euro Payments Area (SEPA) initiative.
[2] SCI Inst compliance implies that transactions are finally settled in less than ten seconds.
[4] Following an agreement between Sveriges Riksbank and the Eurosystem on 3 April 2020, the Swedish RTGS system RIX was connected to TIPS on 23 May 2022,[5]: Box 8 and its integration into TIPS was completed on 19 February 2024.