ECB begins work to link TARGET Instant with UPI and Nexus Global Payments #
The European Central Bank (ECB) has launched a project to interconnect its own real-time payments system, TARGET Instant Payment Settlement (TIPS), with India’s Unified Payments Interface (UPI) and the emerging Nexus Global Payments network, according to Finextra
The initiative follows exploratory work begun in October 2024 and is aimed at enabling seamless cross-border flows for both consumers and businesses, particularly between Europe and Asian markets — including India, which ranks among the top recipients of euro-area remittancesю. The ECB says it will begin the “realisation phase” of the linkage while finalising legal frameworks and technical interoperability. The Nexus network will initially tie together fast payment systems in Malaysia, the Philippines, Singapore, Thailand and India