A big step towards faster payment execution was the establishment of the SEPA instant credit transfer rulebook by the European Payments Council in a joint effort of the European payments industry. And central banks in the euro area launched the TARGET Instant Payment Settlement system – TIPS for short – in 2018. TIPS ensures the reachability of almost all institutions in payments throughout Europe.
To further facilitate the usage of instant payments in the market and to make instant payments the new normal, the European Commission is currently developing a regulation which is due to be presented by the end of this year. Here in Spain, the Bizum solution shows how great the potential is.