The proposed settlement service, which is called TIPS (TARGET Instant Payment Settlement), would leverage the pan-European nature of TARGET2 to offer settlement of instant payments directly and without credit risk. Three days from now, on 9 January 2017, the Eurosystem will launch a market consultation on 2/3  BIS central bankers' speeches  the user requirements for the centralised settlement service.
I would like to take this opportunity to unveil some of the features the new service could have. First, TIPS would help participants to comply with the SEPA Instant Credit Transfer (SCT Inst) scheme by providing pan-European reachability. Common functionalities across jurisdictions would ensure harmonisation of practices and market integration in the settlement of instant payments.