The European Central Bank launched a new system aimed at letting banks settle payments instantly across Europe, helping them to compete with PayPal and other global tech giants.
Developed in just over a year, the ECB’s TARGET Instant Payment Settlement (TIPS) system will let people and companies in Europe transfer euros to each other within seconds and regardless of the opening hours of their local bank. TIPS is open only to providers that have an account at a central bank connected to the euro zone’s TARGET 2 network, meaning it is effectively restricted to European Union banks.
Source- The Guardian
Static/Current Takeaways Important For IBPS Clerk Mains Exam 2018:
- The ECB’s President is Mario Draghi and the Vice-President is Luis de Guindos.