The Central Bank of Bosnia and Herzegovina has signed a Letter of Intent with the Bank of Italy for the TIPS Clone Project, positioning the country to modernise its domestic payment system and connect to Europe’s instant payment infrastructure. The Letter of Intent was signed in Washington, D.C. by CBBH Governor Jasmina Selimovic and Bank of Italy Governor Fabio Panetta. The project is being implemented in cooperation with the European Central Bank and the European System of Central Banks, with the Bank of Italy delivering an instant payment system based on a replica of TARGET Instant Payment Settlement (TIPS), the Eurosystem’s platform for real-time settlement available 24/7/365 with immediate availability of funds. The CBBH expects the TIPS Clone solution to establish a national platform fully interoperable with TIPS, enabling faster and more efficient payments for households and businesses and opening the possibility of integration into the Single Euro Payments Area; the announcement also notes that heads of other regional central and national banks signed alongside the CBBH as part of a broader Western Balkans integration effort.
Central Bank of Bosnia and Herzegovina 2025-10-16
Central Bank of Bosnia and Herzegovina signs Letter of Intent for the TIPS Clone instant payments project
The Central Bank of Bosnia and Herzegovina (CBBH) signed a Letter of Intent with the Bank of Italy for the TIPS Clone Project to modernize its payment system and connect to Europe's instant payment infrastructure. In cooperation with the European Central Bank and the European System of Central Banks, the project will implement an instant payment system based on the TARGET Instant Payment Settlement (TIPS) platform. This initiative aims to establish a national platform interoperable with TIPS, enhancing payment efficiency and potentially integrating into the Single Euro Payments Area.