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EBA CLEARING has announced that it has successfully completed the migration of its RT1 technical account from TARGET2 to the TARGET Instant Payment Settlement (TIPS).
RT1 is a payment infrastructure service owned by EBA CLEARING for the processing of pan-European SEPA Instant Credit Transfers (SCT Inst).
The live activation for the RT1 community, which amounts to more than 2,500 payment service providers in 25 countries, took place on December 10, as part of the first migration wave for ancillary systems orchestrated by the Eurosystem.
“We are pleased that the changeover to the set-up of the RT1 technical account in TIPS has been successfully completed,” said Erwin Kulk, head of service development and management at EBA CLEARING. “Combined with new RT1 liquidity management functionality and the enhancements of our Instructing Party option, this set-up enables our users to further simplify their daily handling of instant payments and manage their liquidity 24x7.”
The migration of the technical account for RT1 settlement from TARGET2 to TIPS is part of the changes for euro instant payments introduced by the Eurosystem in December 2021.
TIPS was developed as a retail payments extension of TARGET2 and to settle payments in central bank money. However, unlike TARGET2, TIPS operates 24/7, which makes it suitable to support the liquidity needs of instant payments services, such as RT1.
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 instant payments with TIPS participants and reachable parties.
