On 30 November 2018, the Eurosystem launched the TARGET instant payment settlement service (TIPS). Starting on that date, Banca Națională a României, as operator of the TARGET2-Romania national component, made this service available for Romanian institutions as well.

TIPS is a pan-European instant payment settlement service in Euro, via the TARGET2 system, which enables payment service providers to offer their customers, individuals and businesses, the possibility to transfer funds in euro in real time 24/7/365.

A large number of entities, such as credit institutions, other payment providers and clearing houses can become participants in TIPS, the participation criteria being similar to those in TARGET2.

In TIPS there are no entry or administration fees and the fee per transaction paid by participants is 0.2 eurocents in the first two years of operation. In order to encourage participation to this service, the Eurosystem decided that the first 10 million transactions settled in 2019 per TIPS account will be free of charge.

In Romania, the TIPS service is governed by Order of the National Bank of Romania No. 7/2018 which amends and supplements Order of the National Bank of Romania No. 4/2015 (Romanian only) on the functioning of the TARGET2-România payment system, published in the Official Journal of Romania, part I, no. 1007/28.11.2018.