ECB integrates SEPA One-Leg Out instant transfers into TIPS and revises TARGET participation conditions
TARGET/TIPS participants must adopt the new rule-based liquidity-transfer facility (15 Jun), choose revised RTGS DCA fee options (1 Jul), and enable SEPA One-Leg Out instant transfers with adherence evidence (14 Nov 2026)
Change
On 4 May 2026 the European Central Bank (ECB) adopted Guideline (EU) 2026/1473 amending the TARGET Guideline (EU) 2022/912 to integrate the European Payments Council's SEPA One-Leg Out Instant Credit Transfer (OCTs Inst) scheme into TIPS from 14 November 2026, introduce a rule-based MCA/TIPS-DCA liquidity-transfer facility from 15 June 2026, revise RTGS DCA fee options from 1 July 2026, and make participants subject to EU restrictive measures with quasi-insolvency effects ineligible.
Why it matters
The Guideline makes several operative changes to the harmonised TARGET conditions that participants and Eurosystem NCBs must implement on staggered dates. TIPS gains OCTs Inst send/receive from 14 November 2026, conditional on participants and their reachable parties signing the One-Leg Out adherence agreement and evidencing adherence to their NCB, with per-BIC acceptance recorded in the TIPS directory and non-adhering orders rejected. From 15 June 2026 participants can set floor/ceiling limits triggering automatic liquidity transfers between MCAs and TIPS DCAs. From 1 July 2026 RTGS DCA holders must select one of two revised pricing options. Separately, applicant participants subject to EU or Member-State restrictive measures with quasi-insolvency effects are ineligible to participate, and NCBs may decline to accelerate obligations where a default leads to suspension rather than termination.
Implications
- — TIPS DCA and TIPS AS technical account holders must sign the One-Leg Out Instant Credit Transfer Adherence Agreement, evidence their own and each designated reachable party's OCTs Inst adherence to their national central bank, and notify the NCB before opting to accept OCTs Inst orders — without that adherence and notification, OCTs Inst instant payment orders are rejected from 14 November 2026.
- — Treasury and liquidity-management teams at TARGET participants must configure floor/ceiling limits and rule-based liquidity-transfer orders between MCAs and TIPS DCAs from 15 June 2026, and RTGS DCA holders must select one of the two revised pricing options from 1 July 2026 — the new fee structure aggregates payment-order volumes across a billing group, changing the cost basis.
- — Onboarding and sanctions-compliance teams at NCBs and TARGET participants must treat applicants subject to Council or Member-State restrictive measures under Article 65(1)(b), 75 or 215 TFEU with quasi-insolvency effects as ineligible for participation — the Guideline removes operator discretion, so such applicants must be refused.
Who is affected
- — TIPS DCA and TIPS AS technical account holders
- — Treasury and liquidity-management teams at TARGET participants
- — Eurosystem NCBs and participant onboarding/sanctions-compliance teams
What to watch
- — 15 June 2026 — rule-based MCA/TIPS-DCA liquidity-transfer facility applies.
- — 1 July 2026 — revised RTGS DCA fee options take effect; holders must choose a pricing option.
- — 14 November 2026 — OCTs Inst send/receive via TIPS applies.