BoG: The new direct payment model is in operation – What is changing in electronic payments

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The possibility of realization direct payments domestically and cross-border with uniform rules and procedures across the Eurozone, gives the new direct payment settlement model, which is currently operational.

As noted by Bank of Greece In a statement, the new direct payment model TARGET Instant Payment Settlement (“TIPS”) replaces the different direct payment schemes adopted in individual countries, creating a single scheme with single features and full interoperability across the Eurozone.

The transition to the new scheme, with the participation of most Greek credit institutions through the DIAS retail payment system, results in the possibility of making direct payments domestically and across borders with uniform rules and procedures throughout the Eurozone. With this in mind, direct payments become much more user-friendly, creating the prospect of their wider adoption as a means of payment by the public.

Direct payments within the TIRS scheme now provide the possibility of trading by the public on a daily basis, every day of the year and around the clock. It is noted that the simple transfer of credits through SEPA, which is currently the most common means of interbank retail payments, is carried out within one working day, while now the execution of payment in TIPS is completed and settled in just 10 seconds, whether it is domestic or cross-border.

It is emphasized that the ability to make direct payments from the general public in a fast and secure way is an important part of the strategy of the European Union and the Eurosystem in the field of retail payments and is supported by relevant business actions and decisions, with active participation of the Bank of Greece.

What changes in electronic payments from December 10 – “Direct” payments are coming

Reportage: K. Tsavalos

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