New banks join TIPS

ABN AMRO Bank (Netherlands), Hypo Tirol Bank AG, Oberbank AG and Bankhaus Carl Spaengler & Co. AG (Austria) have recently joined the TARGET Instant Payment Settlement (TIPS) service, which allows real-time payments to be made within seconds.

Both banks directly connected to the platform and reachable parties can use the TIPS service. Reachable parties are payment service providers that cannot or do not wish to open a TIPS account, but which can be reached via the real-time payments platform. These arrangements mean that TIPS has the potential to be used widely throughout Europe. A full list of reachable parties in TIPS is available here.