back Back

LHV UK joins TIPS to improve access to instant Euro payments

By Gloria Methri

November 17, 2022

  • Europe
  • Instant Payments
  • LHV UK
Share

LHV UKBanking services provider LHV UK has joined the TARGET Instant Payment Settlement (TIPS) system to improve access to real-time Euro payments in countries where the scheme is not yet widely accepted.

TIPS is a market infrastructure service launched by the Eurosystem in November 2018. It enables real-time money transfers in Euros, even in regions where the functionality for instant payments is lacking.

Outbound and inbound TIPS payments will now be automatically enabled for all LHV UK’s clients, ensuring that any bank account holder in a Euro-denominated country can be reached.

Since joining the scheme in October, LHV UK says it has seen improved real-time Euro payments coverage in the Netherlands, Poland, Italy, and Spain, with more than 90% of all outgoing payments happening in real-time.

Andres Kitter, Deputy CEO of LHV UK, said, “Joining TIPS gives our 500 million end customers a greater guarantee that their funds reach their end destination without delays.”.

LHV UK is the founding member of instant Single Euro Payment Area (SEPA) payments, processing 7% of the transactions in Europe. Despite the SEPA Instant scheme launching in 2017, only two-thirds of the EU’s payment service providers (PSPs) offer real-time payments.

The EC is planning to change that, by unveiling a draft law that would force banks to offer SEPA instant payments in Euros at no extra cost.

“Having witnessed the transformative impact of real-time payments to consumers and businesses since 2017, we welcome the proposal by the EU, which intends to make instant Euro payments mandatory throughout the block at a fair price,” added Kitter.

Previous Article

November 17, 2022

Abu Dhabi Islamic Bank signs MoU with Abu Dhabi Global Market

Read More
Next Article

November 18, 2022

Flywire Partners with HDFC Bank to digitise education payments from India

Read More








IBSi Daily News Analysis

digital wallets

March 01, 2024

Europe

Banking Sector and regulatory framework: addressing India’s growing demand for secure lockers

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Hecto Financial eases cross-border transactions with new solution

Read More

Today

Marqeta & AffiniPay team to launch SMB credit card solution

Read More

Today

AsiaVerify & Visa to bolster digital payments and banking in APAC

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023