the standard TIPS (TARGET Instant Payment Settlement) – the new Eurosystem market infrastructure service: Banca d’Italia as service provider and manager of the business relationships with the financial community Welcoming remarks by Piero Cipollone Deputy Governor of the Bank of Italy TIPS Webinar Bank of Italy 12–13 July 20212 for pan-European instant payments developed by the European Payments Council at the request of the Euro Retail Payments Board.
Building TIPS required the fulfilment of a number of particularly challenging technical requirements: - virtually instant payment execution (with processing times per payment not exceeding 5 seconds); - the capacity to handle a large volume of processed payments (over 43 million transactions per day); – very high availability and resilience (reaching 99.9% service availability, and the capacity to restart within 15 minutes in a site disaster scenario); - extreme scalability of the system from a performance viewpoint (the ability to sustain a doubling of the volume of payments over a year).