ECB Examines Linking Eurosystem Payments with Brazil's Fast-Paced Pix System
The European Central Bank (ECB) has initiated an assessment of interlinking its TARGET Instant Payment Settlement (TIPS) platform with Brazil's fast payment system, Pix. The ECB will work closely with the Central Bank of Brazil to explore technical, operational, legal, and business considerations for the potential interlinking.
Pix facilitates approximately 250 million real-time instant payments daily, with transactions settled directly in central bank money. The ECB aims to facilitate faster and lower-cost instant payments between the euro area and Brazil by interlinking TIPS and Pix.
The move aligns with the Eurosystem's comprehensive payments strategy, which seeks to advance global cross-border payment integration through infrastructure improvements.