On 6 October 2023, the Central Bank of Malta (the Bank), in collaboration with the European Central Bank (ECB) organised a national seminar on the TARGET Instant Payment Settlement (TIPS) and instant payments entitled 'TIPS and The Future of Instant Payments'. The event was attended by the local credit and financial institutions. TIPS is a market infrastructure service launched by the Eurosystem in 2018.

In his closing remarks, the Governor explained how the Commission decided to launch a legislative proposal on instant payments, on which trialogues are currently underway. Once this legislation is adopted, payment service providers which are currently reachable for SEPA Credit Transfers, through payment accounts, will be mandated to be reachable for instant payments within a stipulated time-frame.

Moreover, the Governor stipulated that the Bank stands ready to support and facilitate the adoption of instant payments which represent a transformative leap forward in the world of finance. However, this has to be done responsibly, ensuring that no one is left behind, stating that ''We must all work together to make this happen smoothly and to ensure that instant payment systems are robust, secure, and accessible to all, to shape the future of payments and drive economic growth and financial inclusion.''

Governor Professor Edward Scicluna together with ECB officials and staff from Banking Operations Division at the Central Bank of Malta

Photos: Melvin Bugeja 

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