ECB Eyes Link with Brazil's Pix Instant Payment System
The European Central Bank (ECB) is exploring a potential link between its TARGET Instant Payment Settlement (TIPS) platform and Brazil's Pix instant payment system. The ECB's governing council has approved an assessment of the feasibility of interlinking the two systems, which could facilitate faster and lower-cost instant payments between Europe and Brazil.
The assessment will consider technical, operational, legal, and business considerations around the potential interlinking. This effort is part of the Eurosystem's comprehensive payments strategy to advance the integration of global cross-border payments by improving existing infrastructure.
This move joins other initiatives by the Eurosystem to link TIPS with fast payment systems worldwide, including the Nexus Global Payments network launched by the Bank for International Settlements and the Unified Payments Interface (UPI) instant payments system developed by the National Payments Corporation of India.