TIPANET (Transferts Interbancaires de Paiement Automatisés) is an international payment system set up by the

Europe Europe is a large peninsula conventionally considered a continent in its own right because of its great physical size and the weight of its history and traditions. Europe is also considered a Continent#Subcontinents, subcontinent of Eurasia ...

an cooperative banks. Its

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

s were

Natexis Banques Populaires Natixis is a French corporate and investment bank created in November 2006 from the merger of the asset management and investment banking operations of ''Natexis Banques Populaires'' (Banque Populaire group) and ''IXIS'' (Groupe Caisse d'Epargne ...

France France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of Overseas France, overseas regions and territories in the Americas and the Atlantic Ocean, Atlantic, Pacific Ocean, Pac ...

; Banca Popolare Commercio e Industria,

Italy Italy ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical re ...

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

Spain , image_flag = Bandera de España.svg , image_coat = Escudo de España (mazonado).svg , national_motto = ''Plus ultra'' (Latin)(English: "Further Beyond") , national_anthem = (English: "Royal March") , i ...

; Crédit Professionnel,

Belgium Belgium, ; french: Belgique ; german: Belgien officially the Kingdom of Belgium, is a country in Northwestern Europe. The country is bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeast, France to th ...

; 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 Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...

; Österreichische Volksbanken AG,

Austria Austria, , bar, Östareich officially the Republic of Austria, is a country in the southern part of Central Europe, lying in the Eastern Alps. It is a federation of nine states, one of which is the capital, Vienna, the most populous ...

; Genossenschaftliche FinanzGruppe,

Germany Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwe ...

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

Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...

. 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 owns and operates major payment infrastructure in Europe for Euro payments between banks. This includes EURO1 ...

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

KBC Bank KBC Group 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 Kredietbank ...

(formerly CERA), Belgium;

Lloyds TSB Lloyds Bank plc is a British retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the " Big Four" clearing banks. Lloyds Bank is the largest retail bank in Britain, and has an exten ...

Bank, United Kingdom; OKOBANK,

Finland Finland ( fi, Suomi ; sv, Finland ), officially the Republic of Finland (; ), is a Nordic country in Northern Europe. It shares land borders with Sweden to the northwest, Norway to the north, and Russia to the east, with the Gulf of B ...

; Rabobank,

Netherlands ) , anthem = ( en, "William of Nassau") , image_map = , map_caption = , subdivision_type = Sovereign state , subdivision_name = Kingdom of the Netherlands , established_title = Before independence , established_date = Spanish Netherl ...

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

cross-border Borders are usually 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 ca ...

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 significant ...

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- cheques. 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 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 markets. Because ...

for next-day execution. Therefore, the

beneficiary A beneficiary (also, in trust law, '' cestui que use'') 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 ...

’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