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TIPS Instant payment system
December 11 , 2018
2047 days
821
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- The European Central Bank (ECB) has launched a new Smartphone payment system called ‘TARGET Instant Payment Settlement’ (TIPS) in Rome.
- It enables people and companies in Europe transferring Euros to each other within seconds irrespective of working hours of banks.
- TIPS system is only restricted to the European Union banks.
- The platform was developed by the Banca d’Italia – in cooperation with the central banks of Germany, France and Spain.
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