• Will you support TARGET Instant Payment Settlement (TIPS) if it's ready?

Currently you are using RT1 from EBA for instant payments.

Will you also support TIPS if it becomes ready? Or will RT1 be "compatible" with TIPS (I read that there are plans to connect RT1 with TIPS from the launch date on)?

Some banks in europe are waiting for TIPS so a support for TIPS would be great :)

    Hello Johannes

    Thank you for your question!

    At present time we don't have any news to share with you on this matter but we will update this topic if we have any information to share with you.👍

    Cheers! ☀

      I read that RT1 is working on sending instant payments to TIPS - but not receiving it. So a support for TIPS would be great :)

        5 months later

        @Johannes#39008 You should know by now bunq never discloses new features outside of their updates.. Bunq Update 9 should arrive soon, and they are known for their Instant Payment solutions so I don't think you'll need to worry. 😉

          @Johannes#39016 Bunq advertises with 1000+ features, every attribute or aspect of both the front- and backend is a feature. 😝

            a month later

            @John-Aquamarine-Cheetah#45986 If there would be an update bunq would tell us. bunq doesn't update us on what's coming /being worked on. They prefer to surprise the users. 😉

              12 days later

              @Margit-Olive-Hummingbird#21052 So, TIPS is online. Any update about this?

                There are also many banks that are already online, sadly not working with bunq.

                  @----#48319 But what is exactly the difference with SEPA Instant Credit Transfers ?
                  bunq is a SEPA Instant Transfer participant.

                    @Bastiaan#48329 SEPA Instant is a "rule book", RT1 and TIPS are the actual systems for that.
                    RT1 is from EBA Clearing and used by bunq, TIPS is some days old and from the ECB.

                    RT1 said they are working on compatibility with TIPS, but not that much more. Now many new banks went online with tips and they don't work with bunq, so it would be cool to get some more infos here.

                      @----#48330 Ok, clear. Thanks for the information! 👍🏻
                      Hopefully someone from bunq can say something about this.

                        @----#48319 is there any participants list, currently TIPS online, availible? I cannot find anything for TIPS like
                        the EBA RT1 participants list.

                          17 days later

                          And now we have the problem.. I transferred money to a TIPS bank and it went out as a normal transfer..

                            @johannes#52721 Are you sure that's the cause?

                              @Bastiaan#52729 Well they are in the list of online SEPA Inst banks, but not in the RT1 list so I think so.. if I am wrong and bunq supports TIPS banks, then an info here would be cool.

                                TIPS (TARGET (Trans-European Automated Real-Time Gross-Settlement Express Transfer) Instant Payment System is a „clearing and settlement“ (CSM) service operated for SEPA Instant Credit Transfers (SCT Inst) by the European System of Central Banks, technically by the German, Italian and French national Bank. Such system is needed to exchange transactions (and money) between financial institutions.

                                Most banks that are available for SCT Inst are connected to RT1 right now - such as bunq, Sparkasse, HypoVereinsbank, Deutsche Bank (and more). RT1 was the first one, I think „STET“ in france is also used by some banks. RT1 is a CSM operated by the European Banking Association (the „good“ EBA). Funds exchanged here are netted and ultimately settled in central bank money over TARGET.

                                And that’s where the problem is, if you want to say so: Funds banks have in RT1 are backed by funds on TARGET (you can imagine it like a reservation on a credit card). If you run out of RT1-Liquidity you will have to fund it on TARGET, if you have to much you can also „withdraw it“. BUT: RT1-Funds are not considered for reserve requirements by the banking supervision and so this is „more expensive“ and needs more management.

                                TIPS-Funds are considered for reserve requirements, although it could be instantly withdrawn during a bank run. It’s a political topic by the E(S)CB.

                                  @FynnTorres#52748 Well it's nice to have some more informations about this, but I still think this needs a solution. Not just for bunq ..

                                  It still would be cool to get some Infos from bunq here. Are they working on it? Will they be able to do that with RT1 (as EBA wrote in the FAQ they are working on it, to make it possible)?

                                    @johannes#52798 AFAIK RT1 and TIPS will be connected to each other in the first place. At least this function is described in the RT1 playbook.

                                    Also it is said by an official that TIPS is „only for clearing, not for settlement“. Which is complete bullshit.