It can thus help achieve pan-European scale and prevent new fragmentation resulting from the development of national solutions, which may not operate across borders, or only in a limited way. TIPS is meant to complement the clearing services of ACHs. The two can complement each other to achieve reachability across Europe.
(Chart) Financial consumer protection, when reinforced with financial inclusion and financial literacy, will lead to enhanced financial stability. We have had a great thrust on financial inclusion; as a result, several new consumers of banking products have come into the banking system. We have to ensure adequate customer protection for these new users of banking services.