RBI, NIPL and European Central Bank Begin Realisation Phase for UPI–TIPS Link

The Reserve Bank of India (RBI) and NPCI International Payments Ltd (NIPL), in coordination with the European Central Bank (ECB), have agreed to commence the realisation phase for linking India’s Unified Payments Interface (UPI) with the Euro Area’s TARGET Instant Payment Settlement (TIPS) system.

• Boost to cross-border transfers: The proposed interlinkage will enable faster and more efficient cross-border remittances between India and the Euro Area, benefiting users in both regions, the RBI said.
• Technical and operational collaboration: RBI and NIPL will continue working closely with the ECB on technical integration, risk management, and settlement arrangements to operationalize the UPI–TIPS connection.