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TARGET Instant Payment Settlement: The Eurosystem’s response to an evolving payments landscape
Journal of Payments Strategy & Systems,
12
(4),
322-327
(2018)
Abstract
This paper deals with the TARGET Instant Payment Settlement (TIPS) service, a Eurosystem market infrastructure service that facilitates the immediate settlement of instant payments at pan-European level using central bank money. The service stands to regenerate competitiveness in the European market by acting as an incentive for payment service providers to develop TIPS-enabled innovative and user-friendly solutions for European citizens. The paper recommends that payment service providers embrace TIPS and develop solutions that are not only future-proof but that also allow consumers to use them at pan-European level.
Keywords: instant payments; innovation; Eurosystem; European Central Bank (ECB); TARGET Services; TARGET Instant Payment Settlement (TIPS)
The full article is available to subscribers to the journal.
Author's Biography
Marc Bayle De Jessé is Director General Market Infrastructure and Payments, at the European Central Bank (ECB). Marc leads the Directorate General for Market Infrastructure and Payments at the European Central Bank (ECB). His previous responsibilities include T2S Programme Manager and, before that, managing dossiers related to the promotion of market integration and the definition of the Eurosystem’s operational framework. Marc has authored publications on market infrastructure integration and related issues, such as the euro repo market. He is an active member and chairman of various European and international working groups, and speaks frequently at international conferences. Before joining the ECB, he worked for 10 years at SICOVAM S.A. (now Euroclear France), in various roles, including as Adviser to Senior Management. He graduated from CERAM with a master’s degree in finance, specialised in audit and post-market infrastructure.
