Call for expression of interest in supporting the implementation of the TIPS cross-currency service

17 January 2025

The Eurosystem, Sveriges Riksbank and Danmarks Nationalbank are inviting market participants to formally express interest in supporting the implementation of the TARGET Instant Payment Settlement (TIPS) cross-currency service by participating in several activities organised by the central banks involved and the TIPS service provider. Such activities include:

• dedicated discussions about elements of the TIPS cross-currency service (e.g. roles and responsibilities of different actors) in order to ensure the service meets the market requirements;
• testing activities aimed at fine-tuning and finalising the testing strategy in terms of dates, test cases and coordination, etc., and dedicated testing campaigns;
• discussions about future enhancements of the TIPS cross-currency service.

Market participants interested in joining these discussions and testing activities are invited to consult the “Call of Expression of Interest” document and complete and sign the letter of intent (see below list of annexes), and submit it to either the ECB, the respective national central bank, Sveriges Riksbank or Danmarks Nationalbank by 28 February 2025.

In October 2024 the Governing Council of the ECB announced its decision to launch intitiatives to help improve cross-border payments within the EU and beyond. One such initiative is the implementation of a cross-currency settlement service in TIPS. This will facilitate instant payments originating in one TIPS currency to be settled in another TIPS currency and in central bank money. Initially, euro, Swedish kronor and Danish kroner will be available for settlement. The go-live of the TIPS cross-currency service is planned for October 2025.

Annexes

• Call of Expression of Interest on the TIPS cross-currency service (including the expression of interest eligibility criteria, timeline, technical and functional documentation, a high-level testing strategy and frequently asked questions)
• Letter of intent