Central banks of Brazil and Europe begin study to integrate Pix and Tips
BC and ECB assess technical, operational, legal, and business aspects to connect the instant payment systems of the two regions
TL;DR
- The Central Bank of Brazil (BC) and the European Central Bank (ECB) have initiated a feasibility study for interconnecting Pix and Tips.
- The study will examine technical, operational, legal, and business aspects of connecting the two instant payment systems.
- The primary objective is to reduce costs, improve transaction speed, and enhance access to Pix and Tips.
- Pix has been Brazil's main instant payment system since November 2020.
- Tips operates within the Eurosystem, comprising the ECB and national central banks of Eurozone member states.
- This collaboration aligns with the global expansion of instant payment systems and discussions on international platform integration.
- Details on study completion timelines and implementation schedules are not yet available.