meta_id 3523071

On September 24, 2026, the Central Bank of Brazil (BCB) and the European Central Bank (ECB) initiated an evaluation phase to assess the feasibility of interconnecting Pix, Brazil's instant payment system, with TARGET Instant Payment Settlement (TIPS), the Eurosystem's instant payment settlement service. The institutions will evaluate technical, operational, legal, and commercial aspects related to interconnecting the two public payment infrastructures. TIPS operates as a pan-European instant settlement infrastructure in central bank money, currently supporting the euro, Swedish krona, and Danish krone, with planned expansion to other currencies within the European Economic Area. The BCB and ECB's assessment of Pix interconnection complements the Eurosystem's ongoing efforts to connect TIPS to other instant payment infrastructures, including Nexus and payment systems in India and Switzerland. Given the significant economic and financial flows between Brazil and the eurozone, interconnecting Pix and TIPS could facilitate faster, more efficient, and lower-cost cross-border payments between the two jurisdictions. The initiative aligns with Pix's evolutionary agenda and the BCB's broader efforts to interconnect Brazil's instant payment system with similar multilateral infrastructures and systems in other jurisdictions. These interconnections could enable international remittances and purchase transactions with funds available in local currency within seconds. Interconnecting instant payment systems has the potential to reduce costs, increase transaction speed, expand access, and improve transparency in cross-border transactions, consistent with the Group of Twenty (G20) Roadmap for Enhancing Cross-Border Payments. REFERENCES: Central Bank of Brazil official announcement: https://www.bcb.gov.br/