Hopefully ECB’s TARGET Instant Payment Settlement (TIPS) service will enable the same widespread adoption. With a price of 0.002 euro per transaction it’s guaranteed to become the most convenient solution.
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As far as I understand SEPA ICT was developed by the Euro Payment Council. An industry body. ECB TIPS, albeit maintaining compatibility with the scheme, provides an harmonised service across the entire Eurosystem and beyond.
mmh, not really - banks who are connected to the Euro-Zone can use it, but it has not a "beyond-EU"-ambition.
TIPS is just one of the two clearing-mechanisms, there is also RT1 (which is operated by a private entity and launchend long before TIPS came into place, TIPS is operated by each countries national bank in coop with ECB), since some time, there is interoperability, so you can transact from TIPS-connected entities to RT1-connected entities; RT1 is much more expensive than TIPS
TIPS represented more than 50% of all TARGET number of payments at the end of 2024: https://www.ecb.europa.eu/stats/payment_statistics/large_val...
Beyond TARGET, ECB noted repeatedly the reliance on international card schemes for electronic payments and card transactions in the EU. The latest report restating that accounted for approximately 61% of euro area card transactions in 2022: https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr2502...