EBA CLEARING completes migration of RT1 technical account to TIPS

Monday 13 December 2021 14:04 CET | News

EBA CLEARING has announced the migration of the RT1 technical account from TARGET2 to TIPS. 

The live activation for the RT1 community – over 2,500 payment service providers in 25 countries – took place on 10 December 2021 as part of the first migration wave for ancillary systems orchestrated by the Eurosystem. 

The migration of the technical account for RT1 settlement from TARGET2 to TIPS was part of the changes for euro instant payments introduced by the Eurosystem in December 2021. In addition to the 24/7 liquidity management, RT1 users can use RT1 as their instructing party in TIPS. With the recent enhancements, users now also have the option to manage their liquidity from a single place and use the RT1 technical account to exchange cross instant payments with TIPS Participants and Reachable Parties. This will make it easier for users to manage their liquidity for instant payments.

RT1 offers payment service providers in the Single Euro Payments Area a state-of-the-art, real-time payment processing facility operating around the clock on any day of the year for payments in line with the SCT Inst Scheme of the European Payments Council (EPC). Currently, over 1.6 million payments are settled in RT1 on weekdays – in real-time and with immediate finality, in around one second, across all corners of Europe.

Delivered as a pan-European instant payment system by EBA CLEARING, a European-owned, European-governed and European-regulated market infrastructure provider, RT1 is open to any account-servicing payment service provider (AS-PSP) adhering to the EPC SCT Inst Scheme. A variety of options to interact with the system allows any type of EPC SCT Inst Scheme adherent to access the RT1 infrastructure in the way that best suits their needs. 

EBA CLEARING is a provider of pan-European payment infrastructure solutions. Founded in 1998, the Company is owned by 48 of the major banks operating in Europe and is based on a country-neutral governance model. 

EBA CLEARING manages and operates the payment services EURO1, STEP1, STEP2 and RT1. Both EURO1 and STEP2 have been classified as systemically important payment systems (SIPS) by the European Central Bank. RT1, the first pan-European real-time payment platform, went live in 2017 and processes euro instant payments complying with the European Payments Council’s SEPA Instant Credit Transfer Scheme. In 2021, EBA CLEARING launched R2P, a request to pay messaging infrastructure service.

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Keywords: instant payments, EBA clearing
Categories: Payments & Commerce
Countries: Europe
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