ECB to assess feasibility of interlinking with Brazil instant payment system Pix
8 hours ago
- ECB's Governing Council approved assessing the feasibility of interlinking the Eurosystem's TIPS platform with Brazil's Pix instant payment system.
- The assessment will involve collaboration with the Central Bank of Brazil and cover technical, operational, legal, and business considerations.
- Interlinking TIPS and Pix aims to facilitate faster and lower-cost instant payments between the euro area and Brazil, given the significant economic flows.
- Pix processes approximately 250 million real-time instant payments daily, settled directly in central bank money.
- This initiative is part of the Eurosystem's broader efforts to link TIPS with other fast payment systems globally, supporting the G20 roadmap for a more efficient global payments ecosystem.
- Other ongoing initiatives include joining Nexus Global Payments, establishing links with India's UPI, and setting up a link with Switzerland's SIC system.