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First banks go live on TIPS using SWIFTNet Instant

First banks go live on TIPS using SWIFTNet Instant

Payments,
30 November 2018

SWIFT announced today the successful implementation of its messaging service for TIPS - TARGET Instant Payment Settlement.

SWIFT announced today the successful implementation of its messaging service for TIPS - TARGET Instant Payment Settlement.

SWIFT’s solution for TIPS is designed as a key building block for access to the future Eurosystem Single Market Infrastructure Gateway (ESMIG). The next major milestone for ESMIG will be the technical consolidation of TARGET2 and Target2-Securities in 2021. Adapting their systems and processes to access this single European gateway will be one of the most crucial tasks facing European financial institutions in the coming years. By implementing SWIFTNet Instant, customers will be adopting a future-proof solution that will facilitate their migration to ESMIG.

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