The European Central Bank (ECB) has officially welcomed Bulgaria to the TARGET Instant Payment Settlement (TIPS) platform following a successful migration in December 2024.
This integration sees the Българска народна банка (Bulgarian National Bank) and the BISERA payment system, operated by BORICA AD, joining the TIPS network. Additionally, two Bulgarian banks, First Investment Bank AD and Central Cooperative Bank AD, are now participants, enabling seamless instant payments in euro. Plans are already in place for more Bulgarian payment service providers to onboard to TIPS in 2025.
The migration marks a significant step in Bulgaria’s ambitions to join the euro area. With the inclusion of Bulgarian banks in TIPS, individuals and businesses can now make instant euro payments to any other TIPS participant, facilitating faster, more efficient cross-border transactions.
TIPS serves as the Eurosystem’s central platform for instant payment settlements using central bank money. The system operates continuously, 24/7, ensuring no interruptions to payment processing. Financial institutions can join TIPS either as direct participants by opening a TIPS account or indirectly as reachable parties through agreements with existing participants.
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