Cross-Border Instant Payments Available in Slovenia

Since 14 December 2020, the pan-European payment infrastructure for the execution of instant payments in euros has been put in use in Slovenia. Its advantage is that it enables the execution of instant payments in euros cross-border within Europe and even in Slovenia now. The first two Slovenian banks part of pan-European payments infrastructure for making instant payments in euros (TIPS) in Slovenia were Banka Intesa Sanpaolo and Sberbank.

©CardMapr from Unsplash

The Euro-System Target Instant Payment Settlement TIPS, which is managed by the Eurosystem, was set up two years ago. It allows the exchange of payments 24 hours a day, every day of the year. The payee receives the funds within a maximum of 10 seconds after the payment is ordered by the payer. The condition for this is that both payment service providers (payer and payee) are included in TIPS.