In 2018 the Eurosystem introduced a powerful platform for the continuous settlement of instant payments (TARGET Instant Payment Settlement, or TIPS), putting the euro area at the forefront of retail payments. [12] In order to make instant payments available to everyone in Europe, we have recently taken important steps to ensure panEuropean instant payments by the end of 2021 via TIPS.
[13] We have also updated our retail payments strategy to embrace the objective of fostering competition and an innovative European ecosystem for payments. This includes actively supporting European fintech companies and promoting the use of pan-European harmonised electronic identity and signature systems in retail payments. We are cooperating closely with the European Commission.