Requirements for participation

Any institution that has its own Main Cash Account (MCA) in T2 can open a TIPS DCA. In addition, participation in the EPC’s SEPA Instant Credit Transfer Scheme is required. 

It is also possible to settle payments in TIPS without having an own TIPS account; to do so, an institution can be registered as a “reachable party” by a TIPS account holder. Payments from or for a reachable party are then settled on the TIPS account of the participant. To be registered as a reachable party, an institution is also not required to have their own MCA. The only requirements are that they can be reached in TIPS by means of their own business identifier code (BIC) and that they participate in the EPC’s SEPA instant credit transfer scheme. If necessary, the account holder can limit the use of the account by a reachable party by setting individual limits.

Both TIPS participants and reachable parties can either exchange messages directly with TIPS themselves or appoint a third party, known as an instructing party, to do so on their behalf. This could be, for example, a (different) participant, a technical service provider or an ancillary system.

Message exchange with TIPS

Directory of participants

TIPS participants are provided with a TIPS directory containing all BICs that can be reached via TIPS for the settlement of SCT Inst payments, and which is updated each business day.