19 December 2024
The European Central Bank welcomes the Bulgarian market to the TARGET Instant Payment Settlement (TIPS) service following its successful migration in December 2024.
The Българска народна банка (Bulgarian National Bank) and the BISERA payment system, which is operated by BORICA AD, are now part of TIPS, together with two banks, namely First Investment Bank AD and Central Cooperative Bank AD. Additional Bulgarian payment service providers are expected to onboard to TIPS in 2025.
The move supports Bulgaria’s plan to join the euro area. Individuals and businesses with accounts at the Bulgarian banks that have joined TIPS can now instantly transfer payments in euro to any other TIPS participant.
TIPS is the Eurosystem’s platform for settling instant payments in central bank money, operating around the clock, every day of the year. Banks and payment service providers can join TIPS in one of two ways: (i) as a participant, by opening a TIPS account; or (ii) as a reachable party, by entering into a contractual agreement with a participant.