In response to the ERPB call for a swift implementation of instant payments to meet the needs of users of payment services, a number of market initiatives are currently under way. The launch of the investigation phase of TIPS is in several instances slowing down ongoing projects, opening up new questions and calling for reconsideration of strategies by both PSPs and infrastructure providers alike. The TIPS project should be assessed from a holistic perspective taking into account the cost/benefits of the overall marketplace and not only cost recovery at the level of the Eurosystem.
A single solution for instant payments would be ideal. A single solution would cater for an optimal model from a liquidity perspective as well as preventing system and solution fragmentation of IP services across Europe. The way TIPS is currently envisaged would however not appear to serve this purpose unless made mandatory.
As TIPS is not foreseen to become interoperable with other (CSM) solutions, its success is questionable as it cannot guarantee 100 percent reachability. As currently designed, it could contribute to fragmentation rather than solving it.
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