‘TIPS’ system launched by ECB

• The European Central Bank (ECB) launched the first pan-eurozone instant payment system called ‘TARGET Instant Payment Settlement’ (TIPS) system on 30 November 2018.
• The ‘TIPS’ system will let people and companies in Europe transfer money to each other within seconds.
• It will settle transactions only in euros.
• It is restricted to European Union banks only.

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