Iberpay's link with the Europan Central Bank's TIPS service
Since the launch of TIPS service in November 2018, Iberpay offers its participants an international connection to process instant credit transfers in euros with the European entities that participate in this service, providing the Spanish financial community with the maximum reachability within the SEPA area.
Iberpay acts as an “Instructing Party” in TIPS on behalf of the entities participating in this gateway, so that, in addition to providing them with the connection to this service, it also offers them additional functionalities such as monitoring their transactions, setting liquidity limits in TIPS, the management of the entities and their platforms's availability, real time information system, advanced monitoring and analysis, statistics, etc.
Entities can process their instant credit transfers with TIPS service through the same and single connection they already hold with Iberpay's platform CICLOM, avoiding any other technical complexities, different networks and protocols, and guaranteeing them a minimum impact on their developments and tests. Iberpay's connection with TIPS service has been set up using the new SWIFT-AGI protocol.
Access and admission procedure
To participate in Iberpay's link with TIPS, it is necessary to be a participant in Iberpay SEPA instant credit transfers subsystem, to adhere the SCT Inst scheme and adhere to TIPS service of the European Central Bank (either as a participant or as a reachable party), as well as to sign the corresponding contract to this service.
For more information on the formal and technical requirements to participate in the subsystem, please click here.