New Delhi, Nov. 21 -- After discussions with the European Central Bank on linking UPI with Europe's TIPS instant payment system, the Reserve Bank of India (RBI) has started the implementation phase of the UPI-TIPS integration in partnership with NPCI International Payments Ltd.

TARGET Instant Payment Settlement, or TIPS, is an instant payment system operated by the Eurosystem, which consists of the European Central Bank and the central banks of eurozone countries.

NPCI International Payments Ltd (NIPL) is the international subsidiary of National Payments Corporation of India.

The interlinking of UPI-TIPS will facilitate cross-border remittances between India and the eurozone, and is expected to benefit users on both sides.

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