RBI engaging with European Central Bank to interlink UPI with the TARGET Instant Payment Settlement (TIPS) of the Eurosystem

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Reserve Bank of India and NPCI International Payments Limited (NIPL) have been engaging with European Central Bank on the initiative to connect UPI with the TARGET Instant Payment Settlement (TIPS), the instant payment system operated by the Eurosystem. 

These initiatives are aligned with the G20 Roadmap for enhancing cross-border payments, with a focus on cheaper, efficient, more transparent and more accessible remittances.

About TIPS:

TARGET Instant Payment Settlement (TIPS) is a market infrastructure service launched by the Eurosystem in November 2018. It enables payment service providers to offer fund transfers to their customers in real time and around the clock, every day of the year. 

Using TIPS, individuals and firms can transfer money between each other within seconds, irrespective of the opening hours of their local bank.

TIPS settles payment transfers in euro, in Swedish kronor as of February 2024 and in Danish kroner as of April 2025.

TIPS is compliant with the SEPA Instant Credit Transfer (SCT Inst), the scheme for pan-European instant payments.

  1. RBI Press Release No. 2025-2026/1549 Dated Nov 21, 2025, 
  2. " What is TIPS? " - European Central Bank

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