bunq is the first fintech to become a part of the TARGET payment system
Amsterdam, 9 March 2021 – bunq is the first challenger bank to join the TARGET Instant Payment Settlement (TIPS) service, a system developed by the European Central Bank. This cooperation gives bunq users instant payments with participating banks in its home country of the Netherlands, as well as the rest of Europe.
bunq has already offered instant payments through the EPC Instant Payment System (RT1) between participating European banks. By joining TIPS, starting today, all payments sent by bunq users to any participating European bank will arrive instantly to save time and let users manage their money hassle-free. It works both ways – bunq users should expect the same lightning speed when someone pays them from another European bank too.
Ali Niknam, CEO and founder of bunq, says: “We’re proud to be the first challenger bank to enable instant payments across Europe. Simply experience this amazing time saver with your next payment!”
Download the bunq app today or visit the website https://www.bunq.com/ for more information.
bunq was founded in 2012 by Ali Niknam (1981), who managed to get the first European banking permit in over 35 years. He set out to radically change the traditional banking industry and, as its sole investor, invested €73.8M in bunq. bunq’s latest publicly available number of user deposits is €654,619,033 based on the deposits in July 2020. Throughout 2019, the total amount of user deposits doubled and is increasing every day. bunq is currently available in 30 European markets: the Netherlands, Germany, Austria, Italy, Spain, France, Belgium, Ireland, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, Hungary, Latvia, Lithuania, Luxembourg, Malta, Poland, Portugal, Romania, Slovakia, Slovenia, Sweden, the United Kingdom, Norway, and Iceland.