The Bulgarian National Bank, the payment system BISERA, two banks

The Bulgarian National Bank, the payment system BISERA, two banks and an electronic money company have joined the Eurosystem`s TIPS (Target Instant Payment Settlement) service. This will allow instant payments in euro within ten seconds.

The accession is part of the National Plan for the introduction of the euro in the country. The TIPS service will allow domestic and cross-border customer payments in euros to be carried out 24/7.

As part of the activities in the area of payment systems under the National Plan for the introduction of the euro in Bulgaria, from 3 December 2024. The Bulgarian National Bank, the payment system BISERA operated by BORICA AD, two banks and one electronic money company have joined the Eurosystem`s TIPS (Target Instant Payment Settlement) service to settle local and cross-border customer instant payments in euro, in accordance with the European Payments Council`s SEPA Instant Credit Transfer (SCT Inst) scheme - credit transfers executed on a 24/7/365 basis, within a maximum of 10 seconds from debiting the payer`s account to crediting the payee`s account and receiving the corresponding confirmation from the payer.

TIPS is part of the consolidated platform for TARGET services and ensures access to instant euro payments for all payment service providers in the euro area thst are registered participants in the SCT Inst scheme. Notably, 99% of payments in TIPS are processed in less than 5 seconds.

Efforts will continue in 2025 to onboard more payment service providers from Bulgaria to the TIPS system.


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