TIPANET (Transferts Interbancaires de Paiement Automatisés) is an international payment system set up by the European cooperative banks.
Its commercial counterpart and partner was UNICOPAY which failed in 2004 because it was overtaken by technological innovations such as the advent of SWIFT FileAct facilities and the creation of STEP2.
Tipanet was founded in 1993 in order to manage, develop and run an efficient cross-border clearing system, in order to fulfill the "7 ECB objectives" issued around 2001 which were: Each TIPANET member is free to seek out the most suitable international partners in the light of its business interests, its business traditions and its international trade relations, and these arrangements are made known to other members.
After collecting the payment orders, the local agent compiles payment blocks and sends composite instructions to the respective foreign agents, who then convert the TIPANET message format into its domestic equivalent for local execution.
European Central Bank Conference: TOWARDS A DOMESTIC PAYMENT INFRASTRUCTURE FOR THE EURO AREA Frankfurt am Rhein-Main 7 February 2001 Elektronische.