Mumbai: The RBI on Friday said efforts to link UPI with the Eurosystem’s TARGET Instant Payment Settlement (TIPS) are progressing, with the RBI and NPCI International Payments Ltd (NIPL) working closely with the European Central Bank. After sustained discussions, both sides have agreed to begin the realisation phase of the UPI–TIPS connection, the RBI said.
The proposed linkage aims to enable faster, smoother cross-border remittances between India and the Euro Area, offering benefits to users in both regions. The RBI said it will continue to collaborate with the ECB and NIPL on technical integration, risk management and settlement arrangements needed to operationalise the system.
The RBI has been pushing to link UPI with fast payment systems of other nations to strengthen cross-border payments. These efforts align with the G20 roadmap to make remittances cheaper, more efficient, transparent and accessible.