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Cybersecurity Act: Five outcome-based principles from the digital security industry

The proposal for a Cybersecurity Act is a matter of European industrial policy and economic growth as well as being of importance for European digital sovereignty and societal choices.
The level of resistance to potential attacks on European encryption solutions will be key to the technical transposition of articles 7 and 8 of the European Union Charter of Fundamental Rights.


The ECB is responsible for the smooth and effective functioning of payment systems in the euro area. It already developed TARGET2, the Eurosystem’s Real Time Gross Settlement System, used to process large-value payments in euro in real time. TIPS, as part of TARGET2, will help facilitate instant money transfers, offered via banks, so that citizens and firms can make instant retail payments across Europe.

By providing TIPS, the ECB will make sure that the demand for instant payments is met at European level and further facilitate the integration of the euro area. The service will be developed in close cooperation with the banking industry in Europe and will be offered to banks at the low price of a maximum of 0.20 eurocent (€0.0020) per payment for at least the first two years of operation.

TIPS is scheduled to start operating in November 2018.

ecb.europa.eu