UPI to link with Europe’s TIPS soon: RBI says work enters realisation phase

The Reserve Bank of India said that the process of interlinking UPI with the Eurosystem’s TARGET Instant Payment Settlement (TIPS) is in progress. The central bank added that it will continue to collaborate closely with the European Central Bank to operationalise cross-border remittances.

“Following constructive and sustained engagement, both sides have agreed to start the realisation phase for the UPI–TIPS link,” RBI said in a statement. The bank added that the proposed UPI–TIPS interlinkage aims to facilitate cross-border remittances between India and the Euro Area, and is expected to benefit users of both jurisdictions.