ECB Reviews Connection Between European TIPS and Brazil's Pix Instant Payment System

The European Central Bank (ECB) has begun evaluating the possibility of connecting the European instant payment system TIPS with Brazil's payment network Pix. If the connection is established, it is expected to improve the speed and cost of remittances between Europe and Brazil. The ECB announced on the 24th (local time) that it plans to collaborate with the Central Bank of Brazil to assess the connection's feasibility from technical, operational, legal, and business perspectives. This initiative is part of the G20's efforts to enhance cross-border payments. TIPS is a platform for processing instant payment transactions in Europe, while Pix is an instant payment network operated by the Central Bank of Brazil, handling approximately 250 million transactions daily. The connection between the two systems could reduce the time and costs incurred by individuals and businesses in Europe and Brazil when sending money to each other. Brazil is the EU's tenth largest trading partner, with trade in goods exceeding 87 billion euros last year. The integration of payment networks could serve as an alternative to existing international remittance systems and is expected to contribute to the international use of the euro. However, it is currently in the feasibility assessment stage, and the actual connection and implementation timeline remain undecided. The ECB is also pursuing connections with India's Unified Payments Interface (UPI) and Switzerland's instant payment system.

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