The European Central Bank (ECB) is preparing to launch TARGET Instant Payment Settlement (TIPS) for settling instant payments in euros, and has challenged service providers to develop an app that can be used to initiate transactions for settlement.

TIPS will be compliant with the SEPA Instant Credit Transfer scheme developed by the European Payments Council to accommodate instant credit transfers across the Single Euro Payments Area. However, TIPS, or any other market infrastructure alone, will not be enough to ensure that the citizens of Europe start using instant payments. Apps that can easily initiate instant payments will also be needed.

Organisations must register their interest for participating in the event by 1 December. The event will comprise of a conference and a marketplace, where participants will have to present their prototype and interact with all conference attendees. These will include banks operating in the European Union, national central banks, financial market infrastructure providers and industry associations.

The ECB has also provided a list of user requirements which the prototype of the new app must comply with.

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