Reserve Bank of India (RBI) announced the interlinking of the Unified Payments Interface (UPI) with the TARGET Instant Payment Settlement (TIPS) of the Eurosystem.
RBI proposed UPI-TIPS interlink
The proposed UPI-TIPS interlink aims to make cross-border remittances easier between India and the Euro Area. The RBI stated this would benefit users in both regions.
The Reserve Bank of India and NPCI International Payments Limited (NIPL) has working with the European Central Bank. They follow initiative to connect UPI with TIPS, which is the instant payment system operated by the Eurosystem.
RBI has also actively trying to link the Unified Payments Interface (UPI) with fast payment systems in other regions to improve cross-border payments.
Cross border payments between India And Euro Area improved
These efforts support the G20 Roadmap for improving cross-border payments, focusing on more affordable, efficient, transparent, and accessible remittances.
The RBI and NIPL will continue to work closely with the European Central Bank to set up the UPI-TIPS link, including handling technical integration, risk management, and settlement arrangements. Recently, Peruvian Ambassador Javier Manuel Paulinich Velarde told ANI that Peru will also launch a UPI-like real-time digital payments system by next year.
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