Making a project reality
The development of an instant payment service was one of three projects which the Eurosystem initiated under its “Vision 2020” banner to enhance market infrastructures.
This left little time to put the project into practice, and it was again only through close cooperation with the market that it was possible to hit this deadline. Specifically, the stakeholders formed the TIPS Contact Group. By convening at regular intervals and commenting on numerous draft versions of documents in writing, this group played a key role in drawing up the documentation specifying TIPS in an iterative process. Just like the TIPS Task Force, the TIPS Contact Group was made up of representatives from credit institutions, clearing systems and Eurosystem central banks. All the documents from the contact group's meetings can be found on the European Central Bank’s website.
After a pilot test phase of three months, during which the German pilot banks were closely monitored and supported by the Bundesbank’s TARGET Services National Service Desk, TIPS went live successfully on 30 November 2018.