Overall, feedback on the proposed TIPS service was very positive. One point on which we have provided further clarification concerns the broader framework of how TIPS fits into the future European market infrastructure landscape, in particular as regards interaction with automated clearing houses (ACHs). The TIPS initiative is the Eurosystem’s response to the increased “speed” which we are all experiencing in our daily lives.
Europeans have a growing urge to make payments instantly, just like they access music, news and traffic updates instantly. The TIPS initiative aims to create the infrastructure needed for the settlement of instant payments across Europe.