The Governing Council of the European Central Bank (ECB) has approved a plan to assess the feasibility of connecting the Eurosystem's TARGET Instant Payment Settlement (TIPS) platform with Brazil’s Pix payment system. This initiative will be carried out in collaboration with the Central Bank of Brazil, focusing on technical, operational, legal, and business factors that would influence such an interlinking.
Read More
Given the significant economic ties between the euro area and Brazil, integrating these payment systems could enhance the speed and reduce the costs of instant payments between the two regions. Pix, which is operated by the Central Bank of Brazil, currently facilitates around 250 million real-time transactions daily, settling payments directly in central bank money.
In its broader strategy, the Eurosystem is exploring various initiatives to connect TIPS with other rapid payment systems worldwide. These efforts are part of the commitment to the G20 roadmap aimed at establishing a faster, cheaper, and more transparent global payments ecosystem while ensuring secure instant transactions. Notable initiatives include connecting with Nexus Global Payments, which is a multilateral network of instant payment systems; establishing a link with India's Unified Payments Interface; and creating a connection with the Swiss Interbank Clearing Instant Payments system. More information can be accessed on the ECB’s cross-border payments webpage. These actions support the Eurosystem's goal of enhancing the integration of global cross-border payments through improved infrastructure.