A first group of Automated Clearing Houses (ACH) successfully transferred their technical accounts from TARGET2 to the TARGET Instant Payment Settlement System (TIPS).
The ACHs that have now migrated to TIPS are:
Payment Service Providers (PSPs) that use these ACHs can adjust the balance (funding and refund) of their technical accounts on their ACH and start sending and receiving instant payments through TIPS.
The migration of ACH technical accounts to TIPS is one of the measures approved by the Governing Council of the ECB to increase the reach of instant payments at pan-European level. Another measure indicates that all TARGET2 PSPs that had adhered to the SCT Inst scheme should become accessible in TIPS, either as a participant or as a reachable party. These measures will eventually enable European citizens and businesses to send and receive instant electronic payments to and from any country in the EU, both at the point of sale and online.
The next waves of ACH migration are scheduled to take place on January 21 and February 25, 2022. Further information is available in the TIPS Migration Strategy for Back-up Systems.