Access to TARGET-HR TIPS service

Published: 26/6/2023

The EuroNCSInst payment system  and its participants (seven banks) accessed TIPS on 24 June 2023. This has ensured connection with other foreign banks and payment systems participants in TIPS for Croatian banks, i.e. the clients of those banks have been enabled the service of submitting and receiving cross-border instant payments.

Since the introduction of the euro as the national currency, EuroNCSInst participants have been ensured the participants with the settlement of instant payments in euro. Access to TIPS also enables the settlement of cross-border instant  payments in euro.

The TARGET Instant Payment Settlement (TIPS) is a TARGET-HR service that serves for instant payment settlement. Instant payments in TIPS are settled in TIPS dedicated cash accounts (TIPS DCA) of participating banks. This service is primarily oriented to banks’ clients. The TIPS service is accessible on a 24/7/365 basis, that is, it enables instant payment settlement in real time during the whole day each day of the year. The clients of banks participants in the TIPS service largely benefit from the possibility to use instant payments because they can execute their payments in just a few seconds, irrespective of the working hours of their banks. Since many foreign banks also participate in TIPS, cross-border payments are also enabled to clients.

The Croatian National Bank as the operator of the national TARGET component system offers this service to banks from the very start of the TIPS service operation (November 2018).
Participation in the TIPS service enables a full reachability and interoperability of the EuroNCSInst system and its participants and a full implementation of the model that also ensures the settlement of cross-border instant payments in euro in the EuroNCSInst.