The European Central Bank welcomes the Bulgarian market to the TARGET Instant Payment Settlement (TIPS) service following its successful migration in December 2024.
„The Bulgarian National Bank and the BISERA payment system, which is operated by BORICA AD, are now part of TIPS, together with two banks, namely First Investment Bank AD and Central Cooperative Bank AD. Additional Bulgarian payment service providers are expected to onboard to TIPS in 2025.” – according to the press release.
The move supports Bulgaria’s plan to join the euro area. Individuals and businesses with accounts at the Bulgarian banks that have joined TIPS can now instantly transfer payments in euro to any other TIPS participant.
TIPS is the Eurosystem’s platform for settling instant payments in central bank money, operating around the clock, every day of the year. Banks and payment service providers can join TIPS in one of two ways: (i) as a participant, by opening a TIPS account; or (ii) as a reachable party, by entering into a contractual agreement with a participant.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: