PRESS RELEASE
3 December 2024
In implementation of the activities in the field of payment systems under the National Plan for the Introduction of the Euro in the Republic of Bulgaria, as from 3 December 2024, the Bulgarian National Bank, the BISERA payment system operated by BORICA AD, two banks and one electronic money institution joined the Eurosystem's TIPS (Target Instant Payment Settlement) service to make instant domestic and cross-border customer payments in euro, according to the European Payments Council 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 amount to the beneficiary's account and receiving the relevant confirmation from the payer.
TIPS is part of the consolidated platform for TARGET Services and provides reachability for instant payments in euro to all payment service providers in the euro area that are registered participants in the SCT Inst scheme, with 99% of TIPS payments processed in less than 5 seconds.
The activities to join TIPS in 2025 continue for more payment service providers in the country.
