ECB Eyes Link with Brazil's Pix Payment System
The European Central Bank (ECB) is exploring the possibility of linking its Target Instant Payment Settlement (Tips) system to Brazil's Pix payment platform.
A preliminary investigation, carried out jointly with Brazil's central bank, could pave the way for a pilot project in 2028.
This move would be part of the ECB's efforts to make it easier for businesses and consumers in Europe to send and receive payments across borders, including remittances.
The euro, Swedish krona, and Danish krone are already available for settling payments in Tips, while the Norwegian krone is scheduled to join in 2028 and Iceland's króna will follow.
Pix, launched in late 2020, has been a huge success, with over 170 million users - representing 91% of Brazil's adult population.