The European Central Bank’s new platform is expected to transform the payment settlement domain:
On 30 November, the European Central Bank (ECB) quietly carried out a real-time payment settlement between a Caixa Bank of Spain customer and one of Natixis of France. This was facilitated by a new payment system that the central bank has rolled out after about a year’s trial, which allows banks to settle payments instantaneously across the whole of Europe. The new system, called TARGET Instant Payment Settlement, or TIPS, enables customers - individuals and corporates - of banks in Europe transfer euros to each other in real-time, at a very low cost and 24x7. According to ECB’s executive board member Yves Mersch, who launched the system, TIPS would leave blockchain in the dust. He said TIPS is 10 seconds, 0.2 cents. DLT transactions are at best 30 euros and take at least one hour.
SETTLEMENT IN ALL CURRENCIES
This story is from the December 2018 edition of Banking Frontiers.
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This story is from the December 2018 edition of Banking Frontiers.
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