Progress made by those central banks already operating at the technological frontier can be expected to increase the speed of technological diffusion across borders. [33] Europe is leading by example here.
In November last year, for example, the Eurosystem launched Target Instant Payment Settlement (TIPS) – a new market infrastructure which allows payment service providers to offer funds transfers to customers across Europe in real time, around the clock, and on every day of the year. TIPS could be a role model for developing economies.