The Bank of Italy, in particular, was responsible for developing the service and it was also entrusted with the task of operating the platform. From the 4CBs’ perspective, TIPS represents a break with the past as well as increasing awareness of the fact that digitalization is blurring the lines between wholesale and retail.
Before TIPS, Eurosystem projects such as TARGET2 and TARGET2-Securities (T2S) were designed to promote integration and harmonization of market infrastructures within the euro area, meeting the needs of financial market operators, depositories and large custodian banks.