Eurosystem moves forward on work to connect TIPS with India’s Unified Payments Infrastructure and with Nexus Global Payments

20 November 2025

The Governing Council of the European Central Bank (ECB) has decided to further advance the ongoing initiatives to interlink the Eurosystem’s TARGET Instant Payment Settlement (TIPS) service with other fast payment systems globally. The decision is part of the Eurosystem’s overall efforts to make it easier for businesses and consumers in Europe to send and receive payments to and from other countries, including remittances. The decision follows the positive findings of the exploratory work initiated in October 2024 to connect TIPS with India’s Unified Payments Infrastructure (UPI) and with Nexus Global Payments. More specifically, the Governing Council decided to:

• start the realisation phase for interlinking TIPS with UPI while in parallel completing the legal arrangements and technical implementation;
• continue exploring the feasibility of a potential connection to Nexus Global Payments while in parallel completing the necessary legal arrangements and agreements.

In September 2025 the Governing Council launched work to assess the feasibility of a connection between TIPS and the Swiss Interbank Clearing Instant Payments system.

Interlinking TIPS with other fast payment systems contributes to the Eurosystem’s retail payments strategy and the G20 roadmap for faster, cheaper and more transparent and inclusive cross-border payments, while also supporting the international role of the euro. The long-term ambition is therefore to extend this work to additional currency corridors.

Payment service providers interested in using currency corridors can contact TIPS@ecb.europa.eu for more information on the functional set-up.

India’s UPI is an instant payments system developed by the National Payments Corporation of India and regulated by the Reserve Bank of India. UPI has one of the largest instant payment transaction volumes in the world and India is among the top ten recipients of euro area remittances.

Nexus Global Payments is a multilateral payments scheme managed by Nexus Global Payments Ltd. It will initially connect the fast payment systems of Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore, the Bank of Thailand and the Reserve Bank of India. The original concept was developed by the Bank for International Settlements Innovation Hub Centre in Singapore.