On 22^nd of July 2020, the ECB’s Governing Council decided to take effective measures to increase the pan-European reach of instant payments by 15/12/2021.

Based on measure 1: All Payment Service Providers (PSPs) which are participating in Target2 and are compliant with the SCT Inst Scheme become also reachable in TIPS via a central bank money liquidity account, either as participants or as reachable parties (i.e. through the account of another PSP which is a participant).

Based on measure 2: the measure applies to all ACHs that provide instant payment services and use TARGET2, which must transfer their technical accounts to TIPS.

In order to implement DIAS’ project for its integration in TIPS has decided:

• The termination of the existing Technical Account for the settlement of instant payments in TARGET2 (ASI6 RT), by 15/12/2021.
• The opening of a new Technical Account in TIPS (as Ancillary System Party), based on the 2^nd measure, by 15/12/2021 (*).
• To offer the possibility of supporting PSPs as an Instructing Party, based on the 1st measure, who do not wish to act on their behalf (designate and authorize DIAS to act on their behalf). This feature offers economies of scale for PSPs.

Finally, the Bank of Greece has set up an e-mail address TIPS-GR@bankofgreece.gr  to which questions concerning TIPS are submitted.

(*) The completion of the accession process is required to the SCT-Inst scheme of the EPC (European Payment Council)