India–EU Payments Boost: RBI and ECB Begin Work on UPI–TIPS Cross-Border Link
The RBI, NPCI International and the European Central Bank are working to connect UPI with Europe’s TIPS platform to streamline India–EU cross-border remittances through real-time, low-cost digital payments.
RBI, European Central Bank Move Ahead With Linking UPI to EU’s Instant Payments System
The Reserve Bank of India (RBI) has taken a significant step toward strengthening cross-border payments by announcing plans to link the Unified Payments Interface (UPI) with rapid payment systems in other countries. The relocate supports the G20 roadmap aimed at building international remittances cheaper, rapider, and more transparent.
In Talk With the ECB
RBI and NPCI International Payments Ltd. (NIPL) have been in discussions with the European Central Bank (ECB) to connect UPI with TARGET Instant Payment Settlement (TIPS), the Eurosystem’s real-time payment platform. After months of constructive engagement, the two sides have agreed to launch the phase of the UPI–TIPS integration.
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Once operational, the linkage will enable seamless, real-time remittances between India and the European Union. The arrangement is expected to benefit utilizers in both regions by simplifying cross-border payments and reducing friction.
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RBI and NIPL will continue working closely with the ECB to finalise the technical architecture, settlement processes, and risk-management framework required to bring the UPI–TIPS connection into effect.
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