Croatian market successfully joins TIPS

27 June 2023

The TARGET Instant Payment Settlement (TIPS) platform welcomes the Croatian market following its successful migration to the system over the weekend.

The Croatian automated clearing house Financial Agency (FINA) is now reachable in TIPS, as are the following seven Croatian banks:

• Addiko Bank d.d. Zagreb
• BKS Bank AG, Glavna podružnica Hrvatska
• Hrvatska poštanska banka d.d. Zagreb
• Istarska kreditna banka Umag d.d. Umag
• Partner banka d.d. Zagreb
• Privredna banka Zagreb d.d. Zagreb
• Zagrebačka banka d.d. Zagreb

European citizens and firms can now instantly send/receive money to/from accounts held with those seven Croatian banks.

The migration to TIPS is a further step in the connection of the Croatian market to TARGET services. The next step is for it to be connected to the TARGET2-Securities system for securities settlement, which is scheduled to take place in September 2023.

TIPS is the Eurosystem’s instant settlement platform for electronic retail payments. It operates around the clock, every day of the year, connecting the 99% or so of euro area payment service providers that use the SEPA Instant Credit Transfer scheme. Banks and payment service providers can join TIPS in one of two ways: (i) as direct participants, by opening an account in TIPS; or (ii) as reachable parties, by entering into an agreement with a direct participant.