TIPS (TARGET Instant Payment Settlement) · Concepts

Roles that need it

SEPA Instant Credit Transfer (SCT Inst)SEPA Instant Credit Transfer (SCT Inst) is the European Payments Council scheme for euro credit transfers that complete within 10 seconds, 24 hours a day, every day of the year. The payment is either credited and confirmed in time or rejected, and once credited it is irrevocable. Also called SEPA Instant or instant payments.
T2 (TARGET RTGS and central liquidity management)T2 is the Eurosystem's real-time gross settlement system for euro, which replaced TARGET2 in March 2023. It combines Central Liquidity Management, where banks hold their main central bank accounts, with an RTGS service where high-value payments settle one by one in central bank money. It is part of the TARGET Services with T2S and TIPS.
Intraday liquidityIntraday liquidity is the money a bank can use during the business day to make payments on time: balances on central bank and correspondent accounts plus credit it can draw intraday. Intraday liquidity risk is failing to make time-critical payments because outflows come before inflows. Basel Committee tools (BCBS 248) measure it.
Instant Payments Regulation (IPR)The Instant Payments Regulation, Regulation (EU) 2024/886, requires payment service providers that offer euro credit transfers to also offer instant ones, at no higher price, with verification of payee and daily sanctions screening of customers. Euro area banks had to receive instant payments from January 2025 and send them from October 2025.

Updated 31 Oct 2026.