TIPANET (Transferts Interbancaires de Paiement Automatisés) is an international

payment system A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, payment instruments such as payment cards, people, rules, procedures, standards, and technologies that ...

set up by the

Europe Europe is a continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, the Mediterranean Sea to the south, and Asia to the east ...

an cooperative banks. Its

shareholder A shareholder (in the United States often referred to as stockholder) of corporate stock refers to an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the ...

s were Natexis Banques Populaires,

France France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlan ...

; Banca Popolare Commercio e Industria,

Italy Italy, officially the Italian Republic, is a country in Southern Europe, Southern and Western Europe, Western Europe. It consists of Italian Peninsula, a peninsula that extends into the Mediterranean Sea, with the Alps on its northern land b ...

; Istituto Centrale delle Banche Popolari Italiane, Italy; Banco Popular de España,

Spain Spain, or the Kingdom of Spain, is a country in Southern Europe, Southern and Western Europe with territories in North Africa. Featuring the Punta de Tarifa, southernmost point of continental Europe, it is the largest country in Southern Eur ...

; Crédit Professionnel,

Belgium Belgium, officially the Kingdom of Belgium, is a country in Northwestern Europe. Situated in a coastal lowland region known as the Low Countries, it is bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeas ...

; The Cooperative Bank plc,

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...

; Österreichische Volksbanken AG,

Austria Austria, formally the Republic of Austria, is a landlocked country in Central Europe, lying in the Eastern Alps. It is a federation of nine Federal states of Austria, states, of which the capital Vienna is the List of largest cities in Aust ...

; Genossenschaftliche FinanzGruppe,

Germany Germany, officially the Federal Republic of Germany, is a country in Central Europe. It lies between the Baltic Sea and the North Sea to the north and the Alps to the south. Its sixteen States of Germany, constituent states have a total popu ...

(

DZ Bank DZ Bank AG () is the second largest bank in Germany by asset size and the central institution for around 700 cooperative banks and their around 7,200 branch offices. Within that Bundesverband der Deutschen Volksbanken und Raiffeisenbanken, w ...

, formally DG Bank, GZ Bank and WGZ Bank), and Caisse Centrale Desjardins Quebec,

Canada Canada is a country in North America. Its Provinces and territories of Canada, ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, making it the world's List of coun ...

. Its commercial counterpart and partner was UNICOPAY which failed in 2004 because it was overtaken by technological innovations such as the advent of SWIFT FileAct facilities and the creation of

STEP2 EBA Clearing is a provider of pan-European payment infrastructure wholly owned by shareholders that consist of major European banks. It derives its name from the Euro Banking Association which was instrumental in its establishment in June 1998, ...

. The UNICOPAY principals were Caisse National de Crédit Agricole-Indosuez, France; Istituto Centrale delle Banche di Credito Cooperativo, Italy;

KBC Bank KBC Group N.V. is a Belgian universal multi-channel bank-insurer, focusing on private clients and small and medium-sized enterprises in Belgium, Bulgaria, Czech Republic, Hungary, and Slovakia. It was created in 1998 through the merger of Kredi ...

(formerly CERA), Belgium;

Lloyds TSB Lloyds Bank plc is a major British retail and commercial bank with a significant presence across England and Wales. It has traditionally been regarded one of the " Big Four" clearing banks. Established in Birmingham in 1765, Lloyds Bank e ...

Bank, United Kingdom; OKOBANK,

Finland Finland, officially the Republic of Finland, is a Nordic country in Northern Europe. It borders Sweden to the northwest, Norway to the north, and Russia to the east, with the Gulf of Bothnia to the west and the Gulf of Finland to the south, ...

;

Rabobank Rabobank (; full name: ''Coöperatieve Rabobank U.A.'') is a Dutch multinational banking and financial services company headquartered in Utrecht, Netherlands. The group comprises 89 local Dutch Rabobanks (2019), a central organisation (Raboban ...

Netherlands , Terminology of the Low Countries, informally Holland, is a country in Northwestern Europe, with Caribbean Netherlands, overseas territories in the Caribbean. It is the largest of the four constituent countries of the Kingdom of the Nether ...

;

Raiffeisen Zentralbank Raiffeisen Zentralbank Österreich A.G. (RZB) was a significant bank in Austria and the central institution of the Raiffeisen Banking Group (RBG) until its merger into its subsidiary Raiffeisen Bank International (RBI) in 2017. It had subsidi ...

, Austria and DG BANK, Germany. Tipanet was founded in 1993 in order to manage, develop and run an efficient

cross-border Borders are generally defined as geographical boundaries, imposed either by features such as oceans and terrain, or by political entities such as governments, sovereign states, federated states, and other subnational entities. Political borders ...

clearing system, in order to fulfill the "7 ECB objectives" issued around 2001 which were: * Enhanced systems/services * Priority for cross-border credit transfers * Lower prices for cross-border credit transfers * Settlement time should be comparable for domestic and cross-border payments * Fees borne by the originator (OUR-payments) * Access to cross-border retail payment systems * Standard implementations Each TIPANET member is free to seek out the most suitable international partners in the light of its business interests, its business traditions and its

international trade International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. (See: World economy.) In most countries, such trade represents a significan ...

relations, and these arrangements are made known to other members. The local TIPANET agent collects payment instructions and converts them into the TIPANET message format, which complies with the SWIFT MT 102+ message structure. The TIPANET format handles credit transfers and money-

cheque A cheque (or check in American English) is a document that orders a bank, building society, or credit union, to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing ...

s. After collecting the payment orders, the local agent compiles payment blocks and sends composite instructions to the respective foreign agents, who then convert the TIPANET message format into its domestic equivalent for local execution. The latest time for the exchange of files on any working day is 4 p.m. local time of the receiving

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

for next-day execution. Therefore, the

beneficiary A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of ...

’s account is normally credited two working days after the order is placed.

PDF Reference Documents

European Central Bank Conference: TOWARDS A DOMESTIC PAYMENT INFRASTRUCTURE FOR THE EURO AREA Frankfurt am Rhein-Main 7 February 2001 Elektronische. Transaktions-und Zahlungssysteme http://www.ecb.int/events/pdf/conferences/04Malz_tipa.pdf European Central Bank Blue Book, August 2007 http://www.ecb.int/pub/pdf/other/ecbbluebookea200708en.pdf CPSS - Red Book - 2003 Payment systems in the euro area http://www.bis.org/publ/cpss53p04eu.pdf EC Regulation 2560/2001: study of competition for cross-border payment services final report. Project n° markt/2004/11/f, prepared for the European Commission Internal Market and Services Directorate-General http://ec.europa.eu/internal_market/payments/docs/reg-2001-2560/competition_en.pdf

References

{{Reflist Interbank networks Payment clearing systems