• RBI moves forward with linking UPI to Europe’s TIPS system
• Partnership aims to enable seamless India–Euro Area cross-border remittances
• RBI, NIPL and ECB begin work on technical and settlement integration

The Reserve Bank of India (RBI) said that the process of linking India’s Unified Payments Interface (UPI) with the TARGET Instant Payment Settlement (TIPS) system operated by the European Central Bank (ECB) is making steady progress. The interlinkage aims to make cross-border remittances between India and the Euro Area faster, cheaper, and more efficient.

The initiative supports the G20 roadmap to strengthen global cross-border payment systems by improving affordability, transparency, and accessibility. RBI and NPCI International Payments Limited (NIPL) have been in active discussions with the ECB to build a direct payments bridge between the two regions.

After months of constructive engagement, the three sides have agreed to enter the 'realisation phase' of the UPI-TIPS project. This stage will focus on technical integration, risk management, and designing settlement processes that can support instant transfers across borders. Once operational, the link will allow users in both India and the Euro Area to send and receive money in real time.

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RBI said the collaboration is expected to significantly benefit individuals and businesses by simplifying remittances, reducing transfer costs, and strengthening financial connectivity between the two regions. With UPI already expanding to several international markets, the UPI-TIPS integration marks another major step in India’s efforts to make digital payments globally interoperable.

RBI and NIPL will continue coordinating closely with the European Central Bank as they work toward full operationalization of the new system.

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