RBI–ECB Move to Implement UPI–TIPS Link for Faster Remittances

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UPI–TIPS cross-border remittances

Press Release: 2025-2026/1549, Dated 21-11-2025.

1. Overview

The Reserve Bank of India (RBI) and NPCI International Payments Ltd. (NIPL), in coordination with the European Central Bank (ECB), have agreed to advance to the implementation (realisation) phase for the linkage between India’s Unified Payments Interface (UPI) and the Euro Area’s TARGET Instant Payment Settlement (TIPS) system.

2. Objective of the UPI–TIPS Link

The proposed connection aims to enable:

  • Faster cross-border remittances,
  • Cheaper fund transfers, and
  • More transparent payment flows

between India and the Euro Area, strengthening financial connectivity between the two regions.

UPI–TIPS integration is expected to significantly benefit individuals and businesses by offering a seamless channel for instant payments across borders.

3. Progress Toward Implementation

After a period of constructive and sustained engagement, all sides have agreed to begin the realisation phase, which involves:

  • Technical integration work,
  • Alignment of settlement rules, and
  • Development of operational processes and testing frameworks.

This marks a major step forward in operationalising cross-border instant payments between India and the European monetary zone.

4. Significance

The linkage is expected to:

  • Enhance ease of remittances for Indian diaspora and travellers,
  • Support trade and financial flows,
  • Promote interoperability between major global payment infrastructures, and
  • Strengthen India–EU financial cooperation.
Click Here To Read The Full Press Release

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied