TIPS

TIPS (TARGET Instant Payment Settlement) is a pan-European infrastructure for execution of euro denominated instant payments. It operates 24 hours a day, each day of the year. In formal legal terms it is a part of the pan-European TARGET2 payment system.

Entities, which meet the TARGET2 eligibility criteria and adhere to the pan-European instant payments scheme (SCTInst) are able join TIPS. TIPS functions on a single technical platform, and is operated by the Eurosystem as a whole.

Slovenian banks and savings banks, which adhere to the SCTInst scheme, can join TIPS by opening a TIPS Dedicated Cash Account with Bank of Slovenia. Bank of Slovenia enables banks and savings banks to open such account as of the TIPS launch date (i. e. as of 30. 11. 2018).

TIPS enables legal and physical entities to exchange euro denominated instant payments with other legal and physical entities throughout EU, 24 hours a day each day of the year, provided that both payment services providers – payer’s and payee’s – have joined TIPS.