Magazine article Global Finance

ECB Takes on PayPal with Instant-Payment System

Magazine article Global Finance

ECB Takes on PayPal with Instant-Payment System

Article excerpt

Competing with behemoths like PayPal just got a little easier for small to midsize European banks. The European Central Bank has launched a new system, Target Instant Payment Settlement, aimed at letting banks settle payments instantly across Europe. TIPS allows people and companies to transfer euros to each other, regardless of the open hours of their local institution.

US firms PayPal, Google, Facebook, Amazon and China's Alibaba and Tencent currently dominate instant settlement in Europe. …

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