In this regard, the Eurosystem encourages the industry to establish operational links between ACHs by the November 2017 deadline. With regard to the settlement of instant payments, the Eurosystem is investigating the possibility of offering a settlement service for instant payments in central bank money. Instant payments require gross, real-time processing.
The proposed settlement service, which is called TIPS (TARGET Instant Payment Settlement), would leverage the pan-European nature of TARGET2 to offer settlement of instant payments directly and without credit risk. Three days from now, on 9 January 2017, the Eurosystem will launch a market consultation on 2/3  BIS central bankers' speeches  the user requirements for the centralised settlement service.