European Central Bank switches on low cost instant payments system

ECB goes live with pan-European instant payments — European Central Bank — “Target Instant Payment Settlement (TIPS) uses central bank money to settle payments individually in less than 10 seconds… TIPS means consumers can make retail payments across Europe instantly, 24/7/365… The price per initiated transaction is set at €0.002 (US$0.0023) for the first two years of operation, with no charges for the first ten million payments settled on each TIPS account by the end of 2019.”



Federal Reserve proposes new settlement system for faster US payments

The Fed proposes an always-on settlement system for faster payments — Digital Transactions — “The new proposal has two major facets. One outlines the RTGS plan for settlement of payments every day at all times. The other involves a so-called liquidity tool the Fed says could increase banks’ participation in a real-time system by limiting exposure that can arise outside of business hours. The general idea behind both is to reduce the risk from providing funds to payment recipients before settlement has actually occurred.”


Korea’s central bank to build bank account-based mobile payments settlement system

Central bank to develop settlement service to expand mobile cash card payment — Yonhap News — “The South Korean central bank said Tuesday that it will adopt a new mobile cash card settlement service starting next year in a bid to expand simplified mobile payments in the country. A council on financial information by the Bank of Korea (BOK) and local banks decided to develop technological standards and a mobile application for the new service that enables sellers to receive money directly from the buyer’s bank account.”






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