Following this announcement, the Българска народна банка (Bulgarian National Bank) and the BISERA payment system, which is operated by BORICA AD, are now included as part of the TARGET Instant Payment Settlement (TIPS) service, together with two banks, namely First Investment Bank AD and Central Cooperative Bank AD. Furthermore, additional Bulgarian payment service providers are expected to be onboarded to TIPS in 2025.
According to the official press release, the initiative will support Bulgaria’s plan to join the euro area. Throughout this process, individuals, customers, and businesses with accounts at the Bulgarian banks that have joined TIPS will be given the possibility to instantly transfer payments in EUR to any other TIPS participant. In addition, the institutions will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
TIPS represents the Eurosystem’s platform for settling instant payments in central bank money, operating around the clock, every day of the year. It is a platform based on the SEPA Instant Credit Transfer (SCT Inst) scheme and it hosts more than 99% of all payment service providers (PSPs) in the euro area that adhere to the SCT Inst scheme.
With this in mind, banks, financial institutions, and payment service providers can join TIPS in one of two ways. The first possibility is as a participant, by opening a TIPS account, or as a reachable party, by entering into a contractual agreement with a participant.
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