RBI Announces UPI–TIPS Interlinkage for Cross-Border Payments with Euro Area
The Reserve Bank of India has announced the interlinking of the Unified Payments Interface (UPI) system with fast payment systems of other jurisdictions in order to promote cross-border payments. The initiative is aligned with the G20 Roadmap for enhancing cross-border payments, focusing on cheaper, more efficient, transparent, and accessible remittances.
New Delhi: The Reserve Bank of India has announced the interlinking of the Unified Payments Interface (UPI) system with fast payment systems of other jurisdictions in order to promote cross-border payments. The initiative is aligned with the G20 Roadmap for enhancing cross-border payments, focusing on cheaper, more efficient, transparent, and accessible remittances.
The Reserve Bank of India and NPCI International Payments Limited (NIPL) have been currently engaging with the European Central Bank with the initiative to connect UPI with the TARGET Instant Payment Settlement (TIPS), the instant payment system operated by the Eurosystem. Both sides have agreed to start the realisation phase for the UPI-TIPS link following constructive and sustained engagement.
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The interlinkage which is proposed UPI-TIPS focuses to facilitate cross-border remittances between India and the European Union, and is expected to benefit users in both jurisdictions.
The RBI and NIPL will continue to collaborate closely with the European Central Bank to operationalise the UPI-TIPS link, including the technical integration, risk management and settlement arrangements.