Amongst the banks there should be an interbank transfer system, representing the clearing and settlement process. The central bank is responsible for final settlement and payment transfers that take place across the accounts which banks hold at central banks.
[18] Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions on a Retail Payments Strategy for the EU. [19] The Eurosystem’s market infrastructure service, TARGET Instant Payment Settlement (TIPS), provides a common link between instant payment solutions in support of the full deployment of instant payments across the euro area.