RBI, ECB Move Ahead To Link UPI With Europe's TIPS For Faster Cross-Border Payments

RBI, ECB Move Ahead To Link UPI With Europe's TIPS For Faster Cross-Border Payments

The Reserve Bank of India is actively working to interlink the digital payment system Unified Payments Interface (UPI) with fast payment systems of other countries for cross-border payments. According to a statement of RBI, the regulator and NPCI International Payments Limited (NIPL) are in talks with European Central Bank to connect UPI with the TARGET Instant Payment Settlement (TIPS), the instant payment system operated by the Eurosystem, in a calibrated manner.

“Following constructive and sustained engagement, both sides have agreed to start the realisation phase for the UPI–TIPS link," RBI said in the statement.

The proposed UPI–TIPS interlinkage will help cross-border remittances between India and the Euro Area.

The parties from both side will work together to figure out technical aspects, risk management and settlement arrangement to make interlinkage of fast-payment system a possibility. “Reserve Bank of India and NIPL will continue to collaborate closely with European Central Bank to operationalize the UPI–TIPS link, including technical integration, risk management and settlement arrangements," RBI added in the statement.

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Source: News18
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