Bosnia Central Bank to introduce real-time payment system TIPS Clone

According to CBBH, the key innovation is the launch of TIPS Clone, a replica of the European Union’s instant payment system (TIPS). This new platform will complement the existing Real-Time Gross Settlement (RTGS) system, which handles payments over 10,000 KM, and the Giro Clearing System, which processes smaller transactions in four daily cycles.

Unlike RTGS and Giro Clearing, which only operate on weekdays between 8 a.m. and 4 p.m., TIPS Clone will process transactions instantly at any time, removing delays that currently force users to wait several days when payments fall outside working hours or over holidays. “Payments will be completed within seconds, ensuring that money moves immediately from sender to recipient,” the Central Bank explained.

The first stage of TIPS Clone will focus on domestic transactions in Bosnian marks. A later phase, once legal requirements are in place, will allow Bosnia and Herzegovina to connect to the EU’s TIPS system for euro payments. The platform is also expected to drive innovation, support new banking services, and improve the customer experience, with standards such as QR code payments ensuring speed, security, and reliability.

The system is expected to go live within the next year. In the EU, real-time payments became available earlier this year and will be mandatory across all member states from October. Transfers are free of extra charges, though individual payments cannot exceed €100,000.