SIA Certified for Instant Payments of the ECB and Eurozone Central Banks
SIA has announced it is the first network service provider to have acquired certification from the Eurosystem (ECB and national central banks in the Eurozone) to provide access to TARGET Instant Payment Settlement (TIPS), the new pan-European service for settlement in central bank money of instant payments, the launch of which is planned for November 2018.
The start up of the TIPS service will further support the integration and innovation of the market for retail payments in euros. At present, SIAnet is the only network infrastructure to have passed all the Eurosystem tests regarding aspects of security, performance, reliability and governance. Consequently, European banks and other payment service providers (PSPs) can participate, through the SIA network, in the pilot phase of the TIPS service.