Banks from the Baltic countries were among the first to embrace instant payments, with a number of them joining the scheme from day one. However, we are now at a critical stage for implementing instant payments. The number of banks offering instant payment services to their clients is steadily increasing, as is the use of such services by European people and businesses.
In November we will launch TARGET instant payment settlement (TIPS): the Eurosystem service for instant payment settlement across Europe in central bank money. With this service, the Eurosystem is addressing the evolving needs of market participants and supporting market integration by facilitating pan-European reach at a time when the issuance of its new series of safe and widely-trusted banknotes is nearing completion.