SEPA
PAYMENTS SIGNAL · REFERENCE CARDTIPS — TARGET Instant Payment Settlement
A euro instant payment settled individually in central bank money on TIPS, final and irrevocable in under ten seconds, any hour of any day.
Actors
- Riya (payer)customer
- Bank Alfa (originator PSP)bank
- TIPS (settlement service)infrastructure
- Nordbank (beneficiary PSP)bank
- Arjun (payee)customer
Messages
- pacs.008
- pacs.002
The sequence
| # | Step | Route | Kind |
|---|---|---|---|
| 1 | pacs.008 — Riya instructs an instant payment at 23:40 on a Sunday | Riya → Bank Alfa | message |
| 2 | Reserve on TIPS account — Bank Alfa reserves funds on its TIPS account | Bank Alfa | posting |
| 3 | pacs.008 — Bank Alfa submits the payment to TIPS | Bank Alfa → TIPS | message |
| 4 | pacs.002 ACCP — Nordbank confirms it can credit Arjun | Nordbank → TIPS | message |
| 5 | Settlement — TIPS settles the amount in central bank money — final and irrevocable | Bank Alfa → Nordbank | settlement |
| 6 | Release & finalise — Bank Alfa releases the reservation and finalises Riya's debit | Bank Alfa | posting |
| 7 | CR Arjun — Nordbank credits Arjun, who can spend at once | Nordbank | posting |
Exception rails
| Rail | Trigger | Where the money ends up | Next action |
|---|---|---|---|
| Timeout: nothing settles | After Bank Alfa submits to TIPS, no positive confirmation arrives inside the scheme's time window, so the whole payment is treated as failed. | Never left Riya's account — the reservation was released and nothing settled. · No settlement occurred; TIPS settles only on a positive confirmation, all-or-nothing. | TIPS — Riya can simply retry; operations watches whether a participant times out repeatedly. |