site.btaCentral Bank Joins Eurosystem's TARGET Instant Payment Settlement Service

As of December 3, 2024, the Bulgarian National Bank (BNB), the BISERA payment system operated by BORICA AD, two banks and an e-money company have joined the Eurosystem's TARGET Instant Payment Settlement (TIPS) service to make domestic and cross-border customer instant payments in euro, BNB reported. The move is in accordance with the National Euro Changeover Plan of the Republic of Bulgaria.

The processing of domestic and cross-border customer instant payments in euro is in accordance with the European Payments Council's SEPA Instant Credit Transfer (SCT Inst).

TIPS is part of the consolidated platform for TARGET Services and provides instant payments in euro to all euro area payment service providers that are registered participants in the SCT Inst system with 99% of TIPS payments processed within 5 seconds.

Efforts are underway to bring more payment Bulgarian service providers on board TIPS in 2025, BNB reported.