The Central Bank of Malta reported that Deputy Governor Alexander Demarco participated in a Malta Financial Services Authority high-level conference panel on cross-border payments and making retail payments faster and safer, highlighting why efficient, cost-effective and safe payment systems are critical for a well-functioning economy. His remarks referenced Eurosystem payment initiatives including TARGET services, covering T2 for wholesale payments, T2S for securities settlement and TIPS for retail instant payments. TIPS has expanded to offer cross-currency services, with Sweden and Denmark starting participation earlier this year and other countries showing interest, and the Eurosystem is planning to connect TIPS to other fast payment systems globally. Looking ahead, he outlined the Eurosystem’s work since 2021 on a retail digital euro and parallel exploratory work on new technologies for a wholesale digital euro, aimed at supporting a European payments infrastructure that enables global payments to be safer, faster, cheaper and more transparent while maintaining integrity, stability and sovereignty.
Central Bank of Malta 2025-11-20
Central Bank of Malta deputy governor outlines Eurosystem plans to expand TIPS and develop digital euro for faster cross-border payments
Deputy Governor Alexander Demarco of the Central Bank of Malta emphasized efficient payment systems at a Malta Financial Services Authority conference, discussing Eurosystem initiatives like TARGET services and TIPS. TIPS has expanded to cross-currency services, with Sweden and Denmark participating, and plans to connect globally. He also highlighted ongoing work on a retail digital euro and exploratory efforts for a wholesale digital euro to enhance European payment infrastructure.