Reserve Bank of India and NPCI International Payments Limited (NIPL) along with the European Central Bank, have agreed to start the realisation phase for the UPI-TIPS link, the central bank said in a press release on Friday. TARGET Instant Payment Settlement (TIPS) is the instant payment system operated by the Eurosystem.
Strategic Goal
The proposed UPI–TIPS interlinkage aims to facilitate cross-border remittances between India and the Euro Area and is expected to benefit users of both jurisdictions, the release said.
The Next Step
Reserve Bank of India and NIPL will continue to collaborate closely with the European Central Bank to operationalise the UPI–TIPS link, including technical integration, risk management and settlement arrangements.