TIPS aims to offer low-fee instant settlements in Euros to customers across the continent. Eurozone bank customers will be able to access TIPS 24 hours a day to enjoy easy and secure payments – similar to Venmo in the United States. TIPS is a new market infrastructure service that the ECB launched this month. It enables payment service providers to offer their customers the possibility to transfer funds in real time and around the clock, every day of the year. This means that thanks to TIPS, individuals and firms will be able to transfer money between each other within seconds, irrespective of the opening hours of their local bank. TIPS is developed as an extension of TARGET2 and will settle payments in central bank money. Even though they said that at the beginning, TIPS will only settle payment transfers in euro there was the sentence that, in case of demand, other currencies could be supported as well. Some of the benefits of the system will include no minimum wait during the transaction process and the surprising…