The Governor of the Central Bank of Bosnia and Herzegovina (CBBH) Jasmina Selimović and the Governor of the Banca d’Italia (Central Bank of Italy) Fabio Panetta signed the Letter of Intent for the TIPS CLONE PROJECT (TARGET Instant Payment Settlement) in Washington, confirming BiH’s commitment to the modernization of the domestic payment system and its inclusion in the modern European infrastructure instant payments.
This project represents one of the key steps in the process of digital transformation of the financial system of our country and its approximation to European standards.
The signing of the Letter of Intent for the TIPS Clone Project confirms the CBBH’s strategic commitment to the modernization of the payment system and full integration into the European financial space. This project will enable citizens and the economy to make faster, safer and more efficient payments, with a direct connection to the European infrastructure in real time.
The TIPS Clone Project is implemented in close cooperation with the European Central Bank (ECB) and the European System of Central Banks (ESCB), and its implementation represents a significant step in strengthening financial stability, increasing the competitiveness of the banking sector and improving digital services for users in BiH.
The Bank of Italy delivers an instant payment system, based on a replica of the TIPS service, which is a European real-time payment settlement platform designed, created and managed by the Bank of Italy on behalf of the Eurosystem.
TIPS is the infrastructure of the European Central Bank (ECB) that enables the execution of payments in real time – 24 hours a day, seven days a week, 365 days a year, whereby the funds become immediately available to the user.
By implementing the TIPS Clone solution, Bosnia and Herzegovina will establish a national platform that is fully interoperable with the European TIPS system, which opens up the possibility of integrating BiH into the single SEPA payment market (Single Euro Payments Area).
In addition to Governor Selimović, the heads of central/national banks of the region also signed the Letter of Intent with the Governor of the Bank of Italy, which represents an important step on the way to the integration of the countries of the Western Balkans into the financial system of the European Union – the CBBH announced, reports Fena.
